Locog Reveals £30m Surplus In Final Accounts
The London Organising Committee for the Olympic and Paralympic Games has announced a £30 million surplus in its final set of accounts, giving the British Olympic Association an unexpected £5.3 million windfall.
London 2012 organisers, LOCOG, revealed revenues of £2.41 billion through private sector revenue programmes over the company’s eight-year life, with final costs standing at £2.38 billion.
As a result, the British Olympic Association has received the windfall payment, effectively wiping out a previously forecast loss of £4 million for the organisation.
The payment also allows the BOA to fulfil its payment obligation of £2.6 million to the British Paralympic Association and £20 million to the Department for Culture, Media and Sport, with excess royalties of £1.3 million also donated to legacy projects, according to LOCOG.
LOCOG chairman Seb Coe, who is now chairman of the BOA, 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 (British Paralympic Association), allowing both organisations to move into their next round of Olympic and Paralympic commitments with some additional certainty.’
