| LOCOG finance update
The London Organising Committee of the Olympic and Paralympics Games (LOCOG) is responsible for the overall staging of the Games. It is a company limited by guarantee established by a joint venture agreement between its stakeholders, namely: the Secretary of State for Culture, Olympics, Media and Sport; the Mayor of London; and the British Olympic Association. LOCOG is ahead of schedule in generating the £2bn needed to stage the Games in 2012, a major achievement in the current economic climate.
With the exception of a 50 per cent contribution towards the cost of the Paralympic Games, LOCOG is expected to be self-financing through sponsorship, ticketing, merchandising and contributions from the International Olympic Committee (IOC).
The Government is the ultimate guarantor to the IOC of LOCOG’s budget, and therefore responsible for meeting any shortfall between the latter’s costs and revenues. It consequently takes a close interest in LOCOG’s plans and budget.
By January 2010, LOCOG had secured £1,369m of its income target for the Games. This included £603m of local sponsorship revenue. It has signed up 26 local sponsors in three categories:
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