Penny Steps Down As USA Gymnastics President IOC Creates Group To Study Candidate Process USOC Short On Details After Gymnastics Meeting USOC Wants Gymnastics' Steve Penny Out Penny Situation Creates Rare Discord At NGB IOC Delays L.A. Visit After Recent Upheaval IOC Official Under Fire For Taking Payment IOC TV Rights Up 7% For '14, '16 Games IOC, WADA Get Tongue Lashing Over Russia Tension Mounts Between USOC, USADA
HOUSE OF PAYNE: ACOG CEO PROFILED IN SPORTS ILLUSTRATED
Published January 5, 1996
ACOG CEO Billy Payne is the subject of a cover story in this week's SPORTS ILLUSTRATED. Donald Katz examines Payne's efforts to impress the IOC into awarding Atlanta the '96 Games and his efforts to get sponsors to put up money to stage the Games. When asked how he would get major companies to contribute money just for domestic rights, Payne simply replied, "Well, sir, we're going to talk 'em into it." In addition to the TOP sponsorship money, nearly $500M has been raised domestically. In addition to financial contributions, Payne has companies contributing executives and in-kind services. On his controversial large salary, Payne notes that most of it goes to retire the $1.5M loan he took out in '87 to begin his lobbying to land the Games. He drew no salary for 3 1/2 years. Payne, on the $669,112 salary: "40 percent goes to taxes, and a third of it goes to retire that million and a half in debt. At the end of the Games I will still owe $572,000 ... and everybody still gives me a rough time" (SI, 1/8 issue).