During the first half of the 20th century, the IOC ran on a small budget.[112][113] As president of the IOC from 1952 to 1972, Avery Brundage rejected all attempts to link the Olympics with commercial interest.[111] Brundage believed the lobby of corporate interests would unduly impact the IOC's decision-making.[111] Brundage's resistance to this revenue stream meant the IOC left organising committees to negotiate their own sponsorship contracts and use the Olympic symbols.[111] When Brundage retired the IOC had US$2 million in assets; eight years later the IOC coffers had swelled to US$45 million.[111] This was primarily due to a shift in ideology toward expansion of the Games through corporate sponsorship and the sale of television rights.[111] When Juan Antonio Samaranch was elected IOC president in 1980 his desire was to make the IOC financially independent.[113]