Just ahead of the International Olympic Committee’s (IOC) inspection visit of the London 2012 Summer Olympic Games, the City of London has pledged more than one million pounds to the London 2012 Olympic bid, over half in cash donations from a city consortium brought together to provide financial backing for London’s bid. Further donations are expected.
There are nine consortium members representing a wide range of city institutions.
According to the Financial Times London’s target of 28 million pounds to launch the bid has already been raised, split between the government, the mayor’s London Development Agency, and corporate supporters including Accenture, BT, BA, Virgin and EDF Energy.
The extra money will help London 2012 increase the branding and marketing of the bid ahead of the IOC’s vote in Singapore in July.
Michael Snyder, policy chairman of the Corporation said, “I think businesses are always going to be cautious, but the Corporation was one of the first to get behind this and people are enthusiastic about making sure London wins the bid”.
London’s 2012 bid is getting a boost from the Arsenal football club who announced Monday its support for London’s bid.
London 2012 plans to use world famous stadia across the UK during the 2012 Olympic football tournament. The finals will be held at the new Wembley stadium, which will be the largest stadium in the world.
As for a legacy, the bid committee and the London Marathon have agreed to a 10-year funding deal to help security the future of the city’s proposed stadium.
The London Marathon Trust, which distributes profits from the annual race to worthwhile projects throughout the city, has agreed to contribute 300,000 pounds a year for ten years to help guarantee that the venue will be used for international athletics and grass-roots sport after the 2012 Games.
Following the Games the 80,000-seat stadium will be reduced to 25,000, providing a permanent new home for track and field athletics in London.
Under the terms of the agreement the stadium will be run by a not-for-profit organization after the Games and the agreement will guarantee the retention of an international-standard running track and ensure the facilities are open to the public.
