The London 2012 Olympic Committee published its final report today, leaving behind a legacy for sports enthusiasts and London taxpayers.
Hundreds of items used during the London 2012 Games are going on sale today, including props from the opening and closing ceremonies.
The Price of Gold report looks at the average cost of ticketing at the London 2012 Olympics. Here's their list.
A host of Olympic and Paralympic stars who set London's games alight last year will receive honours at Buckingham Palace today in recognition of their achievements.
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!