After losing millions of dollars over 15 years, Turner Sports' Goodwill Games
will have its flame extinguished forever.
AOL Time Warner Inc., which owns the Olympic Games-styled franchise,
announced Friday that it will discontinue the Goodwill Games and 'reallocate'
the event's resources into other 'sports opportunities.'
Founded in 1985 by then-Turner Broadcasting System Inc. chairman Ted Turner,
the Goodwill Games were created to foster athletic competition between the
United States and the Soviet Union during the Cold War.
But according to sources, six Goodwill Games events combined to lose more
than $110 million, prompting AOL Time Warner to pull the
plug.
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