London Olympic organisers announce £1.4million budget surplus from Games Bid

He told the Committee that savings made during the Bid would be returned to stakeholders, and that a new body to ensure the involvement of the whole of the United Kingdom is to begin work.

London 2012 Ltd's Bid budget, as approved by its stakeholders, was £29.1m, of which £20m was in the form of a grant from the Department of Culture, Media and Sport (DCMS) and London Development Agency (LDA) - £10m from each organisation. The remainder was provided through commercial sponsorship and support which the Bid team raised.

He said:
"I am delighted to confirm that we will be returning a sum of £1.4million to our major stakeholders the DCMS and the LDA. This represents a significant saving of public funds, and we will strive to bring the same discipline to the financing of the Games.

"I am also pleased to confirm that another significant step on the road to 2012 is being taken this week, with the setting up of a new Nations & Regions Group, whose aim is to ensure that the United Kingdom as a whole benefits from the great opportunities created by staging the Games in 2012."

Charles Allen will chair the group, which will have high level representation from Scotland, Wales and Northern Ireland, as well as each of the English Regions.

Working with LOCOG, it will consider all areas where opportunities can be found sport, preparation camps, business, tourism, culture and volunteering.

The first meeting of the new group will take place on November 4th, and we are looking forward to working with them over the coming months to establish a plan to realise the maximum economic and sporting benefits from London hosting the Games.

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