Sponsors Help London Olympics Organizers Hit Their Target
Sponsorship deals and record revenues from the sale of almost 11 million tickets "helped London organisers to hit their target" of raising £2.4B ($3.8B) to stage the Olympics and Paralympics, according to Keith Weir of REUTERS. LOCOG CEO Paul Deighton said that the income "covered the core costs of putting on the world's largest sporting event." London organizers raised almost £750M ($1.2B) through domestic sponsorship deals with more than 40 businesses, including oil company BP, British Airways and telecom company BT. That was "almost on a par with the sum reported by Beijing" after it hosted the 2008 Olympics, and almost four times what Athens generated for the 2004 Olympics, the last time the summer Games were in Europe. Ticket revenue "also topped forecasts" at a record £659M ($1.1B) after "near sell-out crowds" for both the Olympics and Paralympics (REUTERS, 11/13).