Coe confident of 2012 Olympics reaching sponsorship target

The organising committee for the London 2012 Olympic Games (LOCOG) is close to reaching its domestic sponsorship target of £700 million (US$1.1 billion), according to London 2012 chairman Lord Sebastian Coe.

Speaking at the two-year milestone before the Games, Coe said: “We’ve raised well north of £600 million (US$934 million). We’re very pleased with that as it’s in the teeth of a really difficult economic environment, and all that money is discretionary spending.”

Coe also went on to say again that he did not have a problem with BP sponsoring the Games after recent criticism of its handling over the massive oil spill in the Gulf of Mexico.

“BP are a great partner. They’re a very important sponsor and have helped us a lot during the bid,” he said.

And when asked if the change in leadership at BP – with chief executive Tony Hayward stepping down – would lead to a change in relations, Coe replied: “no”.