THE Goodwill Games, which have lost £70 million since their 1986 debut, will offer £3 million in prize money for the 1998 edition in New York, but cut the programme from 24 to 12 sports.

Reigning Olympic 200 metre and 400 metre champion Michael Johnson became the first competitor to commit to the games, an Olympic style event that offers the richest payoff for any multi sport event.

"The prize money is a definite plus," Johnson said. "It's also one of the few times to bring together the best athletes in the world."

New York's Goodwill Games will feature 1,300 competitors from 70 nations in athletics basketball, cycling, gymnastics, figure skating, triathlon, beach and indoor volleyball, rhythmic gymnastics, boxing, swimming, diving and synchronised swimming.

The new lineup is aimed at US television audiences, emphasising sports that have proven popular with women in a bid to boost ratings and revenue.

"We haven't made money from it directly, but if you do the right thing, you come out ahead in the end," said the Games founder, Ted Turner.

Turner began the competition in 1986 at Moscow after US and Soviet teams had traded 1980 and 1984 Olympic boycotts.

But the event's purpose dimmed in 1990 at Seattle and 1994 at St Petersburg, Russia, after political changes made old rivalries obsolete. The revised theme is goodwill toward children.

The event, set for July 19th through August 2nd, features no qualifying rounds, allowing for fewer competitors than the Olympics and a finals only atmosphere among the world's top rated competitors in each sport.