The Olympic Council of Ireland and ticketing agent THG have agreed to "terminate" contracts relating to the 2018-2026 Olympic Games.

In August, the OCI confirmed that it had been told that THG had been refused authorisation for the Olympic Winter Games next year in Pyeongchang, South Korea.

The OCI also said that it would seek to make alternative Authorised Ticket Reseller arrangements for the Winter Games.

It said: "Both parties agreed that with THG reducing its business activities in Ireland that this would be the most appropriate course of action in the interests of Irish athletes and the wider Irish public.

"THG has been the OCI’s most significant commercial partner since coming on board in 2010.

"The OCI wishes to acknowledge THG’s willingness to reach an amicable resolution in this matter."

A spokesperson for the Olympic Council of Ireland has said the terms of the agreement to terminate the contracts are confidential.

She would not be drawn on whether or not THG was financially compensated for the termination of the contracts.

A report into alleged ticket touting at the 2016 Rio Olympic games had found that the seller appointed by the OCI was not genuine and provided an inadequate and chaotic service.

This resulted in substantial complaints from athletes, relatives, and friends who were unable to get tickets for key events.

The OCI's authorised reseller - Dublin company Pro10 - was appointed after THG was rejected by the Rio organising committee.

THG is owned by Marcus Evans Group.

The report by retired judge Carroll Moran found that Pro10 was not fit for purpose and was used to disguise the continuing role of THG.