The Olympic media center is likely to be turned into a technology center once the Games have finished after one bidder lost its financial support leaving iCity favourite.

Consortium UK Fashion Hub had its primary backer developer Resolution Property pull its support for its bid.

Resolution Property said in a statement: “We decided after more detailed consideration that the underlying property asset did not fit with our own particular investment strategy,” Resolution Property said in a statement on Friday.

The withdrawal leaves the way clear for the so-called iCity bid, which includes data center manager Infinity and an unnamed property company, and which fits with British Prime Minister David Cameron’s vision for London’s East End to become a technology center to rival California’s Silicon Valley.

“We are very encouraged by what we’re hearing,” said a source close to the iCity consortium, who declined to be named.

The eastern fringe of central London is already home to an area branded Tech City by the Cameron government, a district spanning the Shoreditch and Old Street neighborhoods that has attracted scores of internet start-up companies over the past five years.

The London Legacy Development Corporation (LLDC), which will oversee development of the Olympic park once the games are over, is expected to choose the winning bidder next week.

During the Games, the media center – located to the northwest of the Olympic Stadium – will be used by more than 20,000 journalists. Under iCity’s plans, it will be turned into offices, research labs and a data center in a bid to create more than 6,000 jobs.

A spokesman for the LLDC said: “No decision has been taken on the future of the Press and Broadcast Centre. We cannot give further details while the commercial process is ongoing.”

Richard Scudamore, chief executive of the English Premier League, is hopeful goal-line technology could be introduced in time for the 2012-13 season with FIFA having so far resisted calls for technology.

World soccer’s governing body has slowly began to change its mind on the subject, inviting companies to showcase their technologies, with any results over the 90 per cent accuracy mark to continue development with the body.

Scudamore told BBC Radio 5 Live’s Sportsweek programme: “We’d like it now, and the good news is FIFA is now prepared to listen.

“We feel the technology is there, we should be able to use it.”

Thus far, FIFA’s argument against technology has been that it feels the sport should be the same at all levels from grass roots to the World Cup.

However, after high-profile errors have cost teams at the highest level of the sport many feel the use of technology is long overdue.

Scudamore added: “It’s gone on far too long, it’s an embarrassment to us as football administrators.

“It’s just a question of how we can persuade FIFA it can be done.

“I would like to have it the season after next – next season is too early but certainly the season after next, I don’t see any reason why we shouldn’t.”

The New Zealand Rugby Union (NZRU) has revealed losses amounting to US$7.5m for the 2010 financial year, an improvement of $5.2m on the 2009 loss of around $12.75m.

The NZRU body stated at its annual general meeting (AGM) that the results met their budget for the year, attributing the overall loss to preparations ahead of the Rugby World Cup in the country later this year as well as new funding provided to Super Rugby and ITM Cup sides, including payments to unions with players in the national squad.

Former All Blacks winger Bryan Williams was also elected as president of the organisation during the meeting, succeeding John Sturgeon following the end of the latter’s two-year term. Williams’ former team-mate Ian MacRae will act as his vice-president.

NZRU chief executive Steve Tew stated: “Obviously, we would prefer to at least be achieving break-even, but in the current context the 2010 result was satisfactory in that we came in under our operating budget while at the same time provided additional financial support to Provincial Unions.

“Of the (NZ)$9.4 million loss, approximately $6.4 million is accounting for the NZRU’s investment in hosting Rugby World Cup 2011 and $3 million for the budgeted operating deficit. The $3 million in operating deficit is largely accounted for by the increased funding to Provincial Unions of around $2 million and additional support for our Investec Super Rugby franchises.”

The London 2012 Organising Committee (LOCOG) are inviting private sector bidders to provide a fabric wrap around the Olympic Stadium, the Games’ showpiece venue.

The initial design involved changing iconic Games’ images but was scrapped as part of budget cuts due to an estimated cost of around £7m (US$11.23m) to the UK government, so LOCOG are now welcoming offers from companies to submit their interest by February 18.

However, some companies may be put off as sponsors will not be able to place logo or name branding on the wrap as venue advertising is banned at the Olympics.

London organising committee CEO Paul Deighton stated: “We have had significant interest in supplying the stadium ‘wrap’ from the private sector, so now is the time to start a formal tender process.

“There are some exciting ideas around, and we are running a process that is fair to those organisations that have expressed an interest.”

Istanbul bid for the 2020 Olympics has been boosted following credit ratings agency Fitch upgrading Turkey to Investment Grade.

In making its decision, Fitch cited Turkey’s sound banking system, favourable growth prospects, and a wealthy and diverse economy.

According to Istanbul 2020 bid leader Hasan Arat the city is uniquely placed to provide a fertile growth environment for the International Olympic Committee (IOC) and its partners, and guarantees a sustainable financial foundation for the Olympic and Paralympic Games.

“This new rating underscores Turkey’s rapidly increasing importance on the world stage and cements Istanbul’s position as a global events capital. Turkey and Istanbul are now proven, trusted partners for investors, for tourists, and for sports property owners,” he said.

“We have the youngest and fastest growing population in Europe, producing 700,000 university graduates a year. By 2023 Turkey is forecast to be in the top ten world economies by GDP. Istanbul offers the Olympic Movement a very special combination; the safety and security of a mature market, but with a long way to go before we reach our full potential. This announcement proves that Turkey is no longer ’emerging’ – it has emerged.”

Private security firm G4S is set to lose up to £50m ($78m) by not fulfilling their contract for the Lodon 2012 games.

Chief executive Nick Buckles (pictured) apologised after an extra 3,500 armed forces personnel had to be drafted in to bolster security for the Games.

Home Secretary Theresa May was forced to ask the Ministry of Defence to provide more troops after the contractor admitted it did not have enough staff.

The company has a £284m ($442m) contract with the Government to provide 13,700 security guards for the Olympic Games, but only 4,000 guards are trained and ready.

In a statement G4S said: “G4S accepts its responsibility for the additional cost of the increased military deployment resulting from the shortfall in workforce delivery. The company is also incurring other significant costs as it endeavours to meet the contract challenges.  

“Whilst it is not possible to gauge the precise financial impact, it is estimated that the Company will incur a loss on the contract in the range of £35m – £50m, all of which will fall in the current financial year.”

Nick Buckles, CEO said: “We are deeply disappointed that we have not been able to fully deliver against our contract with LOCOG and that it has been necessary to call upon the additional military personnel.  In partnership with the military and LOCOG, we are working flat out around the clock to resolve the situation.  

“We are determined that together we will deliver a successful and secure Games.  I would like to thank the members of the current security workforce who are already on the ground securing many of the Olympic sites across the country.”

John Connolly, who joined G4S as Chairman on 8 June 2012, added: “Since I joined the Company I have seen the huge focus which has been placed on delivering this contract.  It is a significant disappointment to everyone at the Company that we have fallen short of our obligations.

“I know however that everyone involved throughout G4S is doing everything they can to improve the situation and we are putting every resource behind this effort.”

Mr Buckles has been called to give evidence to the Home Affairs Select Committee on Tuesday as part of the panel’s inquiry into Olympic Security.

Leading independent mobile applications store Mobango, with over 1.5 million Applications, Games and content, has partnered with Indian Premier League (IPL) internet, mobile and radio rights holder Indiatimes to launch an IPL T20 application.

The official application, called DLF IPL T20 Cricket Live, will help users to track scores, match schedules, points’ tables and much more about their favourite IPL teams whilst on the move.

Mobango COO Badri Sanjeevi said: “Mobango offers a wide variety of apps for cricket fans. Mobango team is always working hard in bringing the latest and most exciting applications to its users.”

Indiagames Ltd has developed and distributing the Official Games (DLF IPL Game and 10 different games based on each of Franchise team) for each team participating in the IPL carrying the team’s branding and factoids from the team.

Additionally, Affle, a mobile marketing firm, has also come up with a unique application called Dressing Room, which offers latest T20 cricket gossip, post match party coverage and dressing room secrets.

The Japanese Olympic Committee (JOC) and the United States Olympic Committee (USOC) have signed co-operation agreement designed to create greater understanding between the two, as well as developing collaboration in the field of physical education sports and the Olympic Movement.

Tsunekazu Takeda, the President of the JOC, stated: “It is our great pleasure to have our friends from the United States with us, and by signing an agreement today, the firm partnership between the two Olympic Committees was confirmed.

“I would also like to thank the USOC for their kind and prompt offer of support for the devastated people and damage caused by the tragic events.”

The bilateral agreement will enable the JOC and USOC to organise athlete and coaching exchanges, transfer knowledge in the education of coaches, sports science and sports medicine, develop a programme for sharing best practices in event management and marketing and swap ideas on management development, including staff training.

USOC President Larry Probst added: “This agreement is evidence that the values of friendship and respect transcend culture and competition and that the Olympic Movement is greater than sport alone.

“The USOC has much to learn from our friends at the JOC and we’re eager to offer any information or assistance that may be valuable to the JOC.

“In the aftermath of the tragic events that have unfolded in Japan in recent weeks, I’d be remiss if I didn’t also reiterate the USOC’s condolences to the JOC and the people of Japan and our offer to assist in any way we can.

“I look forward to continuing our cooperation as a partner NOC (National Olympic Committee) for further development of the Olympic Movement in both countries.”