Goodwill Games scrapped

Turner created the games at the end of the Cold War

The Goodwill Games have been scrapped as a result of media giant AOL Time Warner's cost cutting.

Media mogul Ted Turner created the multi-sport games after the Olympic boycotts of the 1980s.

They were aimed at promoting peace and brotherhood by bringing together top athletes from countries such as Cuba, the former Soviet Union and the United States.

But Turner lost operational control of the games after he sold Turner Broadcasting Systems to Time Warner in 1996.

He has since publicly voiced regrets about that deal.

After the completion of Time Warner's merger with AOL early in 2001, Turner was said to have been pushed to the sidelines.

Most significantly, he even lost control of Turner Broadcasting when Jamie Kellner took the helm.

Turner Broadcasting remains fully committed to major sports properties

Jamie Kellner

Turner's Goodwill Games, which were first held in Moscow in 1986, have reportedly lost about $150m.

The last of the games, held this year in Australia, drew a sharply lower prime-time audience than the 1998 games held in New York according to AOL Time Warner.

Therefore the world's largest Internet and media company - looking to cut costs amid the current economic slowdown - have scrapped the event.

Kellner, brought in to head Turner Broadcasting earlier this year, said: "Turner Broadcasting remains fully committed to major sports properties as a big part of who we are and what we do.

"However, after reviewing the business of the Goodwill Games, we determined that our viewers will be better served by reallocating the resources necessary to pull off the Goodwill Games into other sports opportunities."

It has been reported that AOL Time Warner is nearing a deal with America's National Basketball Association.