It was revealed during a PanAmSports General Assembly today at which a far rosier picture was painted of Lima 2019 progress.

The missing $3.3 million fee has been a source of huge controversy over the last three years after the Peruvian Olympic Committee (COP) used the money to cover a payment owed for the 2013 South American Youth Games held in Lima.

Government officials refused to pay more money and the COP missed numerous deadlines to pay PanAmSports, which used to be known as the Pan American Sports Organization.

In a compromise deal, the continental body will now waive the fee in return for a share of marketing rights.

The distribution share will change depending on who negotiated each specific deal.

If Lima 2019 do this, they could receive a 75 per cent share, while they would only claim 25 per cent if the deal had been brokered by PanAmSports.

"In return for this debt, we recovered the marketing rights," PanAmSports President Neven Ilic confirmed after the meeting.

"We think that we can reach more money in a commercial way through having these rights."

This was announced before a lengthy Lima 2019 presentation was followed by a far more optimistic overview provided by the PanAmSports Coordination Commission.

They appeared far less concerned than during the body's last General Assembly in Punte del Este, where significant concerns were raised over organisational issues as well as venue construction.

"The last time you heard from us said there were major challenges needed to overcome," said Coordination Commission chair Keith Joseph today.

"We set-up weekly meetings to monitor progress because we realised that, if we took our hands off the wheel, we may end-up with an event that we are not proud of.

"During our last visit [held on October 9 and 10], we came away more confident that the Organising Committee had put its hand on the wheel and taken control.

"For the first time we saw an organisational structure and that departments have begun to populate themselves with professional staff.

"COP, the Organising Committee and the National Government have now come together much better."

Joseph expressed confidence that construction work at the Athletes' Village - the biggest challenge raised earlier this year - will be completed by the targeted date of February 28, 2019. 

A contract was signed with Chilean consortium Besco-Besalco in September to develop the Village site, with Joseph making clear how Ilic - a Chilean also involved in the construction business - was not aware of this decision and had nothing more than a basic awareness of the chosen company.

Joseph then highlighted how four of the seven towers should be ready by August, 2018, before also expressing confidence in them meeting deadlines for all other infrastructural projects.

Various concerns do still remain, however, although they are now teething issues rather than fundamental flaws.

These relate to topics such as transport plans, branding, finalising agreements with International Federations and confirming the planned rowing and canoeing venue at Pucallpa.

"We have no doubt that these Games can be produced on time," concluded Coordination Commission member Mike Fennell.

"It won't be delivered if work is not done and if details are not addressed, so it is important we keep-up our pressure."

It was also announced today that swimming and athletics competitions will, unusually, both take place in the second half of the Games.

This is due to a date clash with the 2019 International Swimming Federation World Championships being held in Gwanju, South Korea, from July 12 to 28.

Lima 2019 is due to take place between July 26 and August 11.