Funding the Games

Published On: Tue, Feb 22nd, 2011

The Games | By tony

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The London 2012 project is delivered by two key organisations – one private, one public.

A privately funded Organising Committee

The London Organising Committee of the Olympic Games and Paralympic Games (LOCOG) is the private sector company responsible for staging and hosting the 2012 Games.

It has a £2bn budget, with almost all of it to be raised from the private sector.

This commercial revenue will come from several sources. LOCOG receives income from the International Olympic Committee (IOC) as well as generating its own income from sales of tickets, merchandise and, most importantly, a domestic sponsorship programme.

A public sector delivery organisation

The Olympic Delivery Authority (ODA) is the public sector body responsible for the delivery of the new venues and infrastructure required for the London 2012 Games. The ODA budget is drawn entirely from the public sector.

The ODA is funded by the Department for Culture, Media and Sport, the Greater London Authority, the London Development Agency and the Olympic Lottery Distributor.

This funding is contributing to the construction of the venues and infrastructure in the Olympic Park; the facilities at Weymouth and Portland, Broxbourne and Eton Dorney; and the legacy that will follow the Games.

The National Lottery

£2.2bn of National Lottery funds are helping to create the facilities to host the Games, providing a long lasting legacy for the people of east London and the wider UK. The Lottery will share in the profits made from land and property sales in the future.

As well as part funding the venues and infrastructure required to host the Games, the National Lottery is also playing a key role in funding work that will lead to increased participation in sport at a community and grassroots level and deliver improved community services and facilities.

This funding sits alongside other programmes designed to support our leading Olympic and Paralympic athletes in their mission to win medals at the world’s greatest sporting event.

The Department for Culture, Media and Sport

The Government Olympic Executive in the Department for Culture, Media and Sport (DCMS) leads for Government on delivery of the London 2012 Olympic Games and Paralympic Games. It reports to Jeremy Hunt, the Secretary of State for Culture, Media and Sport (based in the Cabinet Office).

The DCMS is responsible for managing central Government funding for the Games and wider regeneration costs.

In addition, the DCMS is also responsible for bringing together the legacy benefits brought by all the wider sporting, cultural, environmental, educational and business enterprise initiatives that will take place all over the country as a result of the Games before, during and after 2012.

The DCMS leads on this work in coordination with other Government departments.

The Greater London Authority

The Greater London Authority (GLA) is working to deliver the Mayor’s objectives for the London 2012 Games, and ensuring that hosting the Games brings the best possible benefits for Londoners.

The GLA is contributing £925 million to the Olympic Delivery Authority. This money will be spent on the regeneration, infrastructure and facilities that will continue to benefit Londoners for generations to come.

The London Development Agency

The London Development Agency (LDA) is the Mayor’s agency responsible for driving London’s sustainable economic growth and is involved in the 2012 Games to ensure that London and Londoners maximise the long-term benefits that hosting the Games will bring.

A major milestone was reach in July 2007 when the LDA met its commitment to deliver the land for the construction of the Olympic Park and for the long-term regeneration of the Lower Lea Valley. Control of this land has now been handed to the ODA.

Working in partnership with the ODA the LDA is continuing with its planning for the legacy development of the Olympic Park. In addition the LDA is investing in the future by spearheading a wide range of business support programmes and skills initiatives.

The LDA is also providing £250 million towards the costs of the infrastructure and venues for the Games and is investing £220 million in the clean-up of the Park, which the ODA is managing on the LDA’s behalf.

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About the Author

tony - London 2012’s ambition is to create a Games for everyone, where everyone is invited to take part, join in and enjoy the most exciting event in the world. London 2012 will create the most accessible and participative Games. It will touch people as it has never done before, stimulating people to do more and to try new things and reassess what we are all capable of. London 2012 has sport at its heart and London at the centre, but it is more than London and more than sport. It is a Games for London, the UK and the rest of the world, for sport and culture, for volunteers and business.

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name meanings says:

February 23, 2011 at 9:59 pm

great work

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