The International Olympic Committee’s executive board voted Thursday morning to approve a new revenue-sharing agreement with the U.S. Olympic Committee, formally ending the longstanding dispute between the sides.

IOC President Jacques Rogge and USOC Chief Executive Scott Blackmun will jointly announce the 20-year agreement that begins in 2020 at a 1:30 p.m. press conference.

The USOC’s board voted Wednesday night to approve the deal, which will ensure that the USOC does not see a decrease in sponsor and television dollars from the IOC unless both drop dramatically, according to two officials with knowledge of the deal. It also, however, requires the USOC to chip in some $20 million toward Games costs.

The deal also means the USOC likely will put forward a U.S. bid city for either the 2022 Winter Games or the 2024 Summer Games.