The International Olympic Committee has agreed to assist the organisers of next year’s winter games in Vancouver if they incur a deficit caused by the recession’s impact on corporate sponsorship.

The deal, unprecedented in Olympic history, follows a meeting in Vancouver this week at which the Vancouver Organising Committee (Vanoc) told the IOC it expected a shortfall of at least C$42m (US$38m, £24m, €27m) in its C$1.8bn operating budget.