Sponsors help London organisers to balance books

LONDON Tue Nov 13, 2012 7:14pm IST

A worker mows the grass outside the main stadium in the Olympic Park before the start of the London 2012 Olympic Games in London, July 22, 2012. REUTERS/David Gray/Files

A worker mows the grass outside the main stadium in the Olympic Park before the start of the London 2012 Olympic Games in London, July 22, 2012.

Credit: Reuters/David Gray/Files

Stocks

   

LONDON (Reuters) - Sponsorship deals and record revenues from the sale of almost 11 million tickets helped London organisers to hit their target of raising 2.4 billion pounds to stage the Olympics and Paralympics.

The income covered the core costs of putting on the world's largest sporting event, said Paul Deighton, the former Goldman Sachs banker who served as chief executive of the London Organising Committee (LOCOG) for the Games in July and August.

The British government separately provided almost nine billion pounds of public money to build and provide security for the venues in east London for the Games.

"Throughout this period we have made clear our aim for LOCOG to break even, and we remain confident that our revenues will meet our costs," Deighton said in a written submission to the London Assembly released on Tuesday.

The success of the London Games has earned Deighton a position with the finance ministry overseeing delivery of infrastructure projects. He will take up the role at the start of next year.

London organisers raised almost 750 million pounds through domestic sponsorship deals with more than 40 businesses including oil company BP, British Airways and telecoms company BT.

That was almost on a par with the sum reported by Beijing after it hosted the Games in 2008 and almost four times what Athens generated in 2004, the last time the summer Games were in Europe.

Revenue from ticket sales also topped forecasts at a record 659 million pounds after near sell-outs crowds for both the Olympics and Paralympics.

The fact that any tickets were left over will irk some Britons who were unable to get in to see live action after missing out in an initial ballot for seats.

The majority of more than 300,000 unsold tickets were for early rounds of Olympic soccer, LOCOG said.

It also said it had made thousands of free tickets available to students, soldiers and volunteers after embarrassing gaps appeared in the areas reserved for media, athletes and officials early in the Olympics.

The previous highest figure raised from ticket sales was $551 million generated by Sydney in 2000. (Writing by Keith Weir, Editing by Clare Fallon)

Comments (0)
This discussion is now closed. We welcome comments on our articles for a limited period after their publication.

  • Most Popular
  • Most Shared

WTA FINALS

REUTERS SHOWCASE

Two-match ban

Two-match ban

Pires gets two-match ISL ban for tunnel altercation.  Full Article 

'Clasico'

'Clasico'

Real fight back to take 'Clasico' spoils.  Full Article 

Domestic Title

Domestic Title

Old Trafford is more like Gold Trafford for Chelsea.  Full Article 

Row with Striker

Row with Striker

Taarabt row is over as QPR move on says Redknapp.  Full Article 

Formula One

Formula One

Caterham and Marussia to miss next races - Ecclestone .  Full Article 

Malaysian Grand Prix

Malaysian Grand Prix

Marquez takes record 13th pole in Malaysia  Full Article 

"Biting Harmless"

"Biting Harmless"

Biting is appalling but harmless, says Suarez  Full Article 

Asian Champions League

Asian Champions League

Juric strike gives Western Sydney edge in Asian final  Full Article 

NBA Preview

NBA Preview

LeBron's Cavs help bring focus back to the hardwood.  Full Article 

Reuters India Mobile

Reuters India Mobile

Get the latest news on the go. Visit Reuters India on your mobile device.  Full Coverage