The London 2012 Olympic Committee published its final report today, leaving behind a legacy for sports enthusiasts and London taxpayers.
The London 2012 Games are set to come in under budget, figures from the Government’s final quarterly economic report show.
The reworking of the Olympic Park has begun and The London 2012 Organising Committee and the LLDC are marking the handover of the park.
London Mayor Boris Johnson has told ITV London correspondent Simon Harris that it was a "sad day" as the London Olympic Committee begins its process of dissolution. Mr Johnson said however that "new hopes were being" born from its sporting legacy.
London 2012 organisers have raised £2.41 billion from the private sector to stage the Olympic and Paralympic Games. London 2012's chief financial officer Neil Wood said:
Over the past six months the small team of people that remain within the company having been working to meet the necessary steps in the dissolution process.
This has included closing out thousands of contracts and selling off or, where possible, gifting thousands of assets to other organisations such as schools, charities, sports and community clubs. It is thanks to this hard work that we have been able to deliver such positive results.
The British Paralympic Association (BPA) has welcomed the news that the organising committee of the London 2012 Olympics will give £2.6 million to the cash-strapped organisation. BPA Chairman Tim Reddish said:
We are delighted to receive this payment and congratulate the LOCOG commercial and financial teams on doing such a fantastic job to maximise revenues from sponsorship and licensing.
They have worked with our brand over the past seven years and have returned it to our sole charge bigger, stronger and with many more people aware of its value.
The money announced today will be used by the BPA to support both its mission of making the UK the leading nation in Paralympic sport and our vision of ‘through sport, inspiring a better world for disabled people’
The cash-strapped British Olympic Association today received a £5.3 million windfall as a result of the organising committee of the London 2012 Olympics reporting a surplus in its final accounts.
Final accounts show Locog made a small profit of £30m on a turnover of £2.5bn. @itvlondon
British Olympic Association gets £5.3m and British Paralympic Association £2.6m. @itvlondon
The government gets £20m towards the cost of renting the athletes' village. @itvlondon
The chairman of the London Olympic Committee has said today that they have delivered an "outstanding" Games this summer, as the organisation begins its dissolution process.
Lord Seb Coe 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, allowing both organisations to move into their next round of Olympic and Paralympic commitments with some additional certainty".
"[...] While also leaving a legacy for the International Inspiration charity and Join In Trust for them to continue their excellent work.”
The London 2012 Olympic Committee has published its final report for the the six month period up to March 2013, as it begins its dissolution process.
- LOCOG will make payments of £5.3 million to the British Olympic Association (BOA) and £2.6 million to the British Paralympic Association (BPA)
- LOCOG will pay approximately £20 million to the Department for Culture, Media & Sport (DCMS)
- Royalties of £1.3 million received but not required to fund the operation of the Games will be donated to Games legacy projects, with £1 million going to the International Inspiration charity and £0.3 million going to the Join In Trust.
London 2012 organiser LOCOG to be placed in the hands of liquidators as winding up process begins. The Olympic dream is over!
A report into London 2012 has criticised the number of affordable tickets made available to the public. On average, it cost more than £300 to see Mo Farah win gold in the men's 5000 metres race.
It comes on the same day he's back at the Olympic Stadium to launch the first sports event to take place there since the London 2012 Games.
Payments to the security company have been reduced by £48m to cover additional military and police costs, and by a further £37m for project management failures.
Games Organisers said the settlement ensured that taxpayers' interests were protected, while "at the same time recognising that G4S ultimately provided over 80% of the man-guarding hours it had contracted to supply".
Neil Wood, LOCOGs Chief Financial Officer said:
"We are pleased to have reached an agreement that protects taxpayers interests by reducing the payment due to G4S by £85m. The savings arising from this settlement brings the total savings to the public purse from the LOCOG venue security budget to £102m compared to the position in December 2011.
– Neil Wood, The London Organising Committee of the Olympic Games and Paralympic Games Ltd
"We would like to thank the Military and the Police for their exceptional and outstanding support during the Games in providing a robust, effective, professional and friendly security operation.
"We would also like to thank the G4S guards who worked alongside the Military, the Police and the Volunteers to deliver a safe and secure Games in spite of the high profile challenges faced by the G4S Group.
"The Home Office has been consulted on the settlement and fully supports the position reached between LOCOG and G4S."