A funding row between the British Olympic Association (BOA) and the London Organising Committee of the 2012 Games (LOCOG) has been resolved, following a series of meetings.

Both organisations have now come to an agreement that will see the BOA terminate its claim filed with the Court of Arbitration for Sport over the contractual row. The deal brings with it a confirmation that cash due to both the BOA and British Paralympic Association will be prioritised if LOCOG generates a 'sufficient surplus' from the Games.

LOCOG will also support the BOA's attempts to secure commercial partners for Team GB between 2013-2016, and plans for marketing of Team GB merchandise. Other terms agreed as part of the deal will see BOA given a chance to buy additional tickets to 2012 events and a joint effort to expand the association's education programme.

BOA chief executive officer Andy Hunt said: "With this matter now resolved, the BOA will be able to keep its attention focused entirely on our preparations to support Team GB at the Games." LOCOG has also agreed in principle to end the suspension of Hunt and Colin Moynihan from its board meetings.