The Los Angeles Olympics made so much money -- an unprecedented $150 million -- that the sponsors don't know what to do with it.
"There was the largest sale of tickets for sporting events in the history of mankind, by a bunch," Peter V. Ueberroth, president of the Los Angeles Olympic Organizing Committee, told a news conference yesterday in Los Angeles.
The surplus is about 10 times what the LAOOC expected last fall and $131.75 million more than last spring. Officials credited the coast-to-coast torch relay and the Olympics' opening ceremonies for increasing ticket sales beyond all expectations.
Under the LAOOC's charter, the organization will give $75 million to the U.S. Olympic Committee, $50 million to an LAOOC Amateur Athletic Foundation and $25 million to an LAOOC reserve fund.
Ueberroth said the LAOOC is considering giving some of the reserve money to Third World nations that came to the Games.
"There are youngsters born now that will feel the glow of these Games," Ueberroth said. Of the $75 million going to the USOC, he said "there is going to be a funding like athletics in this country has never seen." By contrast, the taxpayer-borne 1976 Summer Games in Montreal created a $1 billion deficit that experts say citizens will be paying into the next century . . .
The U.S. Wrestling board of directors has censured the Olympic wrestling coach, Dan Gable, saying he showed favoritism in picking the team. He replied that he accepted the censure but had acted in good faith.
Gable, who also coaches the University of Iowa's team, picked former Hawkeyes wrestler Randy Lewis over Lee Roy Smith of Oklahoma State. Lewis won the gold medal in the Olympic 136.5-pound freestyle.