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.”

The Sports Car Club of America (SCCA), medic  a club and sanctioning body supporting road racing, rallying, and autocross in the United States, has announced today that, effective October 14, Jeff Dahnert has resigned as its president and CEO.

Dahnert joined the staff of SCCA in 2004 and has served as president since 2009.

“I appreciate the great opportunities that SCCA has given me and I will truly miss the wonderful people I have worked with, both at the national office and in the Regions,” Dahnert said. “My goal was always to have the Club in a stronger position upon my departure than when I started, and I believe that is the case.”

“As Jeff moves on to new endeavors, he will be missed and we wish him well,” Lisa Noble, chairman of the SCCA Board of Directors, said.

Dahnert will continue to serve as a consultant to SCCA through the end of the year.

The Board of Directors also announced the appointment of Lisa Noble, who will resign as current board chairman to serve as interim president and CEO. She has been active in the SCCA since 1971 and a member of the board since 2008.

To fill out Noble’s term, John Walsh, director from the Northeast Division of the SCCA, was appointed as new chairman of the Board. Walsh, from New York, has been a member of the Board since 2011.

Additionally, a search committee has been appointed and a national search for a new president and CEO will soon be underway.