The international association (established in 2007) for this "sport", along with some of its leading exponents, has made a petition to the International Olympic Council earlier this year asking for this discipline to become a test event at the 2012 London Olympics. They hope this might pave the way for it to become a full-fledged Olympic sport by 2016.
(National championships for the sport have already been held in countries like the US, and a couple of international events have also been held.)
The petition states that "like the horizontal bar (in gymnastics), the vertical bar should have a place in international sport."
What "sport"?
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Pole Dancing.