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The regulation restricts the deals athletes can strike for themselves during a specific period in and around the Games, with the aim to protect IOC and national team sponsors from their commercial rivals.
British sprinter Adam Gemili, however, has labelled the rule “ridiculous, unjust and unfair” ahead of next year’s Olympic Games in Tokyo.
There are 20 names listed on a legal letter sent to the BOA last month but the governing body on Tuesday said it would contest any action because of its duty to all Olympic sport in Britain.
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The BOA added it had enjoyed a “positive meeting” last week with representatives of the athletes who had challenged Rule 40 and remained open to a resolution that balanced the need for individual athletes to maximise their income while defending a system that has sold rights collectively on behalf of all of Team GB, including “smaller” sports and “less high-profile athletes.”
Officials insisted that despite “encouraging” conversations they had been “dismayed by the ongoing legal tactics being conducted in the background” and would respond robustly in defence of all those served by the BOA, a not-for-profit independent organisation that receives no tax payer or British government funds.