EACH of Australia's three major free-to-air television networks have pulled out of the race to televise the next Olympic Games.

The Australian reports that the Seven Network recently withdrew from the bidding process after the International Olympic Committee asked it to lift its offer - to one that at least matched the price paid to telecast the London 2012 Games.



Read The Australian's FULL article here



Nine and Network Ten have declined to make an offer for the rights that would see the successful bidder earn the right to broadcast both the Sochi 2014 Winter Olympics and the 2016 Summer Games in Rio de Janeiro.



Olympic officials are now growing increasingly alarmed at the apparent lack of interest from the top television networks.



The reason for the lack of competition for the rights is that networks, aware of the current climate and struggle to pull in the big advertising dollars, are watching their budgets.



The Australian reports that the Nine Network lost an estimated $25 million on London 2012.



The $120 million deal for London included Nine forking out $72 million, with Foxtel contributing the other $48 million.





Originally published asRace is off for Olympic rights