London 2012 organisers have decided it’s next financial report and accounts will have to wait to be published until after the Games.

The organisation disclosed in its report for the year ended 31 March, 2011, published last week, that it had extended its accounting reference date to 30 September, 2012.

This means that “the majority of the remaining lifetime revenue and expenditure will be captured in one accounting reference period”.

It also means that staff will not be sidetracked by the rigours of compiling a detailed account of their year’s operations in the final weeks before the 2012 Olympic and Paralympic Games actually take place.

On the other hand a detailed picture of London 2012’s business operations in the most critical phase of its corporate lifecycle will not be produced until many staff members have left. Under the timetable currently envisaged, information for the 18-month period to 30 September, 2012 will be audited in the last two months of that year, with accounts published in 2013.

Subsequent to that, there will also be a final set of accounts covering the six months to 31 March, 2013. Once this exploit has completed its functions, London 2012 will embark on the formal process of dissolving the company.

The Madrid Olympic 2020 bid will be headed up by the President of the Spanish Olympic Committee AleJandro Blanco, the Mayor of Madrid, Alberto Ruiz Gallardon announced.

Gallardon said that he felt like this appointment was very important and that choosing “the head of Spanish sport” as the leader was the best solution as he thought the role “required a strong professional personality from the world of sport”.

The Mayor was in the top position for both of Madrid’s failed 2012 and 2016 bids and has decided to change strategy this time around.

Madrid ran against London, Paris, New York and Moscow for the 2012 Games that London will host next year.

In 2016 the contenders were Rio de Janeiro, Madrid, Tokyo and Chicago and Rio took home the prize to host the first South American Games.

This 2020 race will see both Tokyo and Madrid back for a consecutive try to land the Olympics. It will also make Madrid’s third bid in a row.

The final decision will be voted in September 2013 at the IOC session in Buenos Aires, Argentina.

Bangladesh Cricket Board’s media broadcast rights have been sublicensed to Pakistan’s leading sports channel Geo Super.

The deal enables Geo Super to broadcast all international cricket hosted by the Bangladesh Cricket Board till 2020. Pakistan team will travel to Bangladesh twice during the period of this contract, whereas India also visits twice to play cricket with its eastern neighbour.

Ashish Chadha,part of Sporty Solutionz who sublicensed the deal, said: “We are proud of our association with the Bangladesh Cricket Board and Geo Super. BCB will  host  some  of  the  best  cricket,  including  tours  by  the Pakistan cricket team, during the course of this deal. I am sure this broadcast deal will usher a new era for cricketing ties between Bangladesh and Pakistan and for cricket lovers in Pakistan.”

GEO TV Network president Imran Aslam added: “Bangladesh cricket has always been special to the people of Pakistan, who admire the tenacity and fighting spirit   of the Bengal Tigers. GEO Super, Pakistan’s first sports channel, is proud to be associated with Bangladesh Cricket and will provide a perfect platform for showcasing the sport and all its glorious uncertainties through state of the art production values. We look forward to a long association and unmissible action. For viewers this is a free hit. We will like to thank Sporty Solutionz for helping us grab this opportunity.”

Soccerex is delighted to announce that Zambia national football team manager, Herve Renard will be speaking at the Soccerex African Forum on 1-2 October.

As one of the youngest and most successful managers currently working on the continent, Renard will be joining a panel of other managers and players to tackle the key issues, including the continent’s different approaches to player development, the support and funding made available, the challenges and benefits of African players moving to European football and one of the most important factors: learning to cope with the pressures of managing and playing in a football-crazy continent.

After a 15-year playing career in France, Renard started his coaching career in 1999 and has gone on to manage sides in France, China, England and Algeria, as well as being head coach of the Angola and Zambia national teams. Currently in his second spell in charge of Zambia, Renard led them to their first African Cup of Nations title in 2012 in Gabon, only a few hundred metres inland from the place where the fatal plane crash which caused the death of 18 players of the Zambian national team in 1994. His reign has also seen ‘The Copper Bullets’ rise 30 places up the official FIFA World Rankings, including a 15-year high of 34^th place in 2012.

Herve Renard said: “the Forum will be a great opportunity to meet all of the relevant people concerned about the development of African football. It will be an interesting discussion where we can share our ideas and the different methods we’re currently using within the game.”

Soccerex CEO Duncan Revie remarked: “It’s of great pleasure to welcome Herve to the Forum. As manager of one of the best teams in Africa he will be able to provide a great insight into life behind football management on the continent as well as the fantastic journey Zambia went on in winning the 2012 African Cup of Nations.”

The Soccerex African Forum aims to unite the business of football in Africa by bringing together 1,000 senior football decision makers together with businesses from across the continent and the rest of the world, for two days of unrivalled learning, networking and business opportunities. You can find the conference agenda for this year’s Forum here: http://www.mysoccerex.com/AF13ConferenceProgramme.pdf

For further information about this event please call +44 (0)208 987 5522 or visit http://www.soccerex.com/africa

search helvetica, abortion sans-serif;”>The Tokyo 2020 summer games bid has started to formulate after Tokyo Governor Shintaro Ishihara, medicine Tsunekazu Takeda and Masato Mizuno took control of the bid.

The Japanese Olympic Committee (JOC) announced that the bid committee will be launched in October. Takeda serves asthe JOC president and will be in charge of the committees’ activities while Ishihara will hold the position as chairman.

Masato Mizuno, JOC vice-president and prior chairman of the sporting goods manufacturer Mizuno Corp., will take the position of CEO and be in charge of business affairs for the bid.

He was up for the same position with the 2016 Tokyo bid but his position as chairman of a major sports equipment company and a sponsor for many high level events was seen as a conflict of interest according to the International Olympic Committee (IOC). For Tokyo 2020, early this week Mizuno has stepped down as chairman to help the Japanese bid.

Mizuno said, ” I retired from Mizuno Corp. entirely for taking responsibility of CEO of the Tokyo 2020 Bid Committee according to the code of conduct of the IOC in order for avoiding a conflict of interest.  Mizuno Corp. has been an official supplier of the IOC.

“My younger brother Akito is now taking good leadership in running the company.  I would like to strive my best to realize Tokyo 2020 Olympic Paralympic Games. It is not easy job and quite challenging task but in order to promote sport and the Olympism not only for Japan but for whole world through Tokyo Games we, the bid committee will do our best. We would like to make the kids of whole world smile.  We would like to make all generations happy.”

Bob Puccini, President and CEO, Mizuno USA, and Chairman of the Board, Mizuno Canada Ltd. Congratulated Mizuno on his support for the Tokyo Bid.

He said in a statement:”We wish Masato well in his endeavor to secure a bid for Japan in 2020. He has served as a tremendous leader to our entire company, which has blossomed globally under his leadership. His new endeavor certainly embodies the spirit of our brand, and our mission of contributing to society through the advancement of sporting goods and the promotion of sports.”

Tokyo will be running against Rome, Istanbul, Baku, Madrid, and Doha to host the 2020 summer Games. The final decision will be taken in 2013 at the Buenos Aires IOC session.

London 2012’s sponsorship successes have allowed them to put £70 million ($112 million) on deposit with its long-time sponsor Lloyds Bank their annual financial report showed.

The organisation’s annual report and accounts, were published explaining that “as a result of the company’s commercial success in generating income ahead of target, the board approved a revised cash management policy authorising [it] to make long term deposits, so as to maximise return on its assets.

“As of 31 March 2011, the company had implemented this policy, placing £70 million ($112 million) on deposit for 18 months which is intended to be held to maturity.”

The accounts later state that “£70 million ($112 million) has been placed on long term deposit with Lloyds Bank plc”.

London 2012 can only deposits cash surpluses with Lloyds under their sponsorship agreement.

The accounts were published as the Games organiser announced that it had reached its £700 million ($1.1 billion) sponsorship target after tieing up the Westfield deal as its 44th domestic partner.

Today’s document also disclosed that, as at the March 31 year-end, London 2012 had secured £266 million ($425 million) of contractual hospitality ticketing income and client group ticket sales.

This did not include income from public ticket sales, received after the year-end.

The organisation got more than 22 million applications from nearly two million people for the 6.6 million Olympic tickets.

Costs are also increasing as it gears up for the Games with less than a year to go.

Staff costs surged from £31.3 million ($50.1 million) the previous year to £56.1 million ($89.6 million) as the organisations amped up its productivity one year before the games. The staff count more than doubled from 510 to 1,162 during the course of the year.

Spending on venues and marketing also rose sharply.

In all, operating expenses reached £208.5 million ($333.1 million) [2010: £128.3 million ($205.1 million)], compared with revenue of £238.9 million ($381.7 million) [2010: £179.5 million ($286.8 million)].

Chief executive Paul Deighton, who earned £700,000 ($1.1 million/€798,000), including a £220,000 ($351,000/€249,000) plus performance-related award, will again donate his performance award to charity.

According to the accounts, £500,000 ($799,000/€567,000) has been placed in escrow “for the bonus to be paid to the CEO post-Games provided certain employment conditions are met”.

This is said to represent “the minimum amount that could be payable post-Games”.

Cricket Australia (CA) Chairman Wally Edwards has confirmed the return of former Australian captain Mark Taylor to the CA Board.

Mark Taylor, who previously served as a CA director from 2004 to 2012, will rejoin the Board immediately as an independent director appointed by CNSW. He will replace Dr David Dilley who has voluntarily stepped aside to allow Taylor to rejoin the Board. 

Speaking after a Board meeting at CA’s Centre of Excellence in Brisbane,  CA Chairman Wally Edwards said: “I commend Dr Dilley on his selfless decision to stand aside for Mark and for his contribution during his short time on the Board.  I also congratulate Cricket NSW on governance changes at a state level which led to the state association yesterday announcing it was appointing Mark Taylor as its first-ever independent director. Mark has been a significant contributor during his previous CA Board term and his return will bolster CA Board expertise and experience.”