The full report and accounts have now been submitted to Companies House.
The core operating budget for the London 2012 Games is circa £2 billion, and is financed by private-sector revenue programmes, including domestic and international sponsorship, merchandising and licensing, ticket sales, and a proportion of the revenue raised by the IOC through selling global television broadcast rights, and global sponsorship.
At 31 March 2011, LOCOG had signed domestic sponsorship deals totalling more than £670m in value. LOCOG today announced that the domestic sponsorship target of £700m has now been reached, following the confirmation of Westfield as LOCOG’s 44th domestic sponsor
In addition, in the period to 31 March 2011, the Company signed deals for licensed merchandise sales which will generate a minimum guaranteed amount of £44m, with income expected to be in the region of £86m.
Key progress made in the last twelve months includes:
- Developing a comprehensive sport testing programme to test specific elements of our operations at the majority of our competition venues. This programme saw 18 test events delivered in the summer of 2011.
- Completing over 200 procurement projects, with 75 percent of sports equipment procurement now in place.
- Announcing the 25 standalone training venues to be used for 15 sports immediately before and during competition.
- Good progress on Games-time transport operations, including the announcement of the Olympic Route Network and Paralympic Route Network.
- Attracting quarter of a million applications to be volunteers, and running a national selection process to select 70,000.
LOCOG Chair Seb Coe commented: 'After eight years of bidding and planning, we have almost reached the summit of our Games preparations. We continue to deliver against our objectives as demand for involvement in all things London 2012 goes from strength to strength and together with our partners we are testing all aspects of the Games.
'With under 12 months to go to the Opening Ceremony of the London 2012 Olympic Games, our journey to staging the world’s biggest and most important sporting events is now clearer than ever and I would like to thank the LOCOG team, our stakeholders and our commercial partners for all the work that has got us to this stage.'