LOCOG Announces $46M Surplus In Final Set Of Accounts, Wiping Out BOA Loss
The British Olympic Association's finances were "turned on their head" Thursday after LOCOG announced a £30M ($46M) surplus in its final set of accounts, according to Ben Rumsby of the London TELEGRAPH. The BOA had been forecast to make a loss of around £4M ($6M) from its activities in '12, but that was "completely wiped out" by a £5.3M ($8M) payment by LOCOG, whose final report and accounts for the six-month period through March 31 showed revenues of £2.41B ($3.67M) and costs of £2.38B ($3.62M) over its eight-year lifetime (TELEGRAPH, 5/30). In London, James Riach reported LOCOG's accounts also show that £190M ($289M) of government grant funding "was not required, with the organisation balancing the books ahead of its imminent dissolution." Former LOCOG Chair Sebastian Coe, who was paid £535,500 ($813,000) during that period, said he was "proud" of the commission's achievements. Coe: "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" (GUARDIAN, 5/30).