LOCOG Reveal £2.41 Billion Revenue

The London Organising Committee of the Olympic and Paralympic Games (LOCOG) has today published its final accounts, which cover the six months to 31 March 2013.

Over the company’s eight-year life LOCOG achieved revenues of £2.41 billion ($3.65bn) as a result of private sector programmes. The organisation’s total costs were £2.38 billion ($3.6bn).

The British Olympic Association (BOA) will receive £5.3 million ($8m) and £2.6 million ($3.9m) will go to the British Paralympic Association (BPA) through their Joint Marketing Plan agreements with LOCOG.

The Department for Culture, Media & Sport will also recive around £20 million ($30.3m) to fulfil commitments made under government grant agreements.

Chairman of LOCOG, Seb Coe, said: “One of our key objectives was to deliver an outstanding Games within a balanced budget and I am proud to say that we have achieved this, thanks to the strong management of our core finances.

“It means we can make payments to the BOA and BPA, allowing both organisations to move into their next round of Olympic and Paralympic commitments with some additional certainty, return monies to DCMS, while also leaving a legacy for the International Inspiration charity and Join In Trust for them to continue their excellent work.”

BPA Chairman Tim Reddish added: “We are delighted to receive this payment and congratulate the LOCOG commercial and financial teams on doing such a fantastic job to maximise revenues from sponsorship and licensing.

“They have worked with our brand over the past seven years and have returned it to our sole charge bigger, stronger and with many more people aware of its value. The money announced today will be used by the BPA to support both its mission of making the UK the leading nation in Paralympic sport and our vision of ‘through sport, inspiring a better world for disabled people’ ”.

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