The Chairman of the London Organising Committee of the Olympic Games, Sebastian Coe, appeared before the Select Committee on Culture, Media and Sport to say that savings made during London’s bid for the 2012 Summer Games would be returned to stakeholders, and that a new body to ensure the involvement of the whole of the United Kingdom is to begin work.
London’s 2012 bid budget was 29.1 million pounds of which 20 million pounds was in the form of a grant from the Department of Culture, Media and Sport (DCMS) and the London Development Agency (LDA) (10 million pounds from each organization). The remainder was provided through commercial sponsorship and support which the bid team raised.
Coe told the committee, “I am delighted to confirm that we will be returning a sum of 1.4 million pounds to our major stakeholders – the DCMS and the LDA. This represents a significant saving of public funds, and we will strive to bring the same discipline to the financing of the Games.
He added, “I am also pleased to confirm that another significant step on the road to 2012 is being taken this week, with the setting up of a new Nations & Regions Group, whose aim is to ensure that the United Kingdom as a whole benefits from the great opportunities created by staging the Games in 2012”.