The International Olympic Committee has cleared the City of New York from any wrongdoing in its attempt to host the 2012 Summer Games. Both New York and London were under investigation because of speculation that some of the incentives they offered the IOC may have violated IOC bidding rules.

The IOC sent a letter to New York's committee for hosting the Olympics saying, 'The IOC considers this matter to be closed.'

Apparently, the incentives listed by New York were included in their original bid. New rules passed in the wake of the scandal involving Salt Lake City's Olympic bids prevent cities from offering additional incentives and getting into a 'bidding war.'

'We are pleased that the IOC has quickly closed this issue,' said New York bid leader Daniel Doctoroff. 'The Sports Marketing Council is integral to our seven-year plan to strengthen Olympic sports.'

There is no word yet as to when a decision about London will be reached.

New York, London, Paris, Moscow and Madrid are the finalists to host the Olympics in 2012. Paris is considered the favorite. The final decision is expected in July.