The BBC is facing up to the possibility that it may lose some or all of its rights to broadcast from the event after the International Olympic Committee president Jacques Rogge admitted “everything is possible” when it comes to selling the rights after London.

At present the BBC holds the UK broadcasting rights as they are protected by listed events legislation, guaranteeing free to air coverage. However the IOC believe that these rules could be watered down or quashed come the next event, opening up the potential for lucrative bids from pay TV broadcasters.

Other possibilities include a company launching a free to air channel for the package, sub leasing the event back to free-to-air broadcasters or for only part of the Games to be reserved for free to air.

The government has pledged to review the current situation later this year once the analogue TV network has completed the digital switchover.

Speaking to the guardian Rogge said: “Everything is possible. We just launched a tender, because this is an obligation by the EU. It is open to everyone – to public companies, private companies, free-to-air, satellite, mobile, even the possibility to sell them to an agent company that buys the rights and sells them on. The deadline is 29 June and then we will enter into negotiations with different companies.”

A tender document has already been issued to all the UKs broadcasters with initial bids being tabled by Friday.