Talks between the International Olympic Committee and the European Broadcasting Union over the rights to cover the 2014 Winter Games in Sochi, Russia, and the as-yet-to-be-awarded 2016 Summer Olympics have broken down with the broadcasters accusing the Olympic chiefs of "high financial expectations".

"As far as we are concerned the bid has been rejected and so we are out of the game. Our offer was the maximum we could pay," a EBU spokeswoman said. The IOC will now negotiate with individual European broadcasters separately.

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