USA Gymnastics has offered a $215 million settlement to victims of former team doctor Larry Nassar in a bid to end legal claims against the organisation.

Nassar was jailed for sexual assault in 2018, with hundreds of athletes coming forward to accuse him of abusing them, including reigning Olympic champion Simone Biles.

USA Gymnastics has subsequently sought to reach a compensation deal with representatives of the survivors, as part of a plan for the governing body to emerge from bankruptcy.

In a statement, USA Gymnastics president and chief executive Li Li Leung said: "While we do not yet have an agreement with the Committee representing the survivors, we still hope to reach an agreement."

Leung stressed that the compensation fund may still exceed the proposed total, but that was currently the limit their insurers could guarantee to provide.

She also indicated that USA Gymnastics was prepared for the victims to continue with their existing lawsuits against the organisation.