London 2012 reports surplus in final accounts

Reuters: The British Olympic Association (BOA) was given a 5.3-million-pound windfall on Thursday after organisers of last year’s London Games reported a 30-million surplus in their final accounts. Organisers LOCOG said they had achieved revenues of 2.41 billion pounds through private sector revenue programs over the company’s eight-year life, with costs contained at 2.38 billion.

“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,” said LOCOG chairman Seb Coe, who is now also chairman of the BOA.

“It means we can make payments to the BOA and BPA (British Paralympic Association), allowing both organisations to move into their next round of Olympic and Paralympic commitments with some additional certainty,” added Coe, who was paid 535,000 pounds in the 18 months to October 2102.

The BPA will get 2.6 million pounds. LOCOG said they would also pay approximately 20 million to the Department for Culture, Media and Sport to fulfil commitments under government grant agreements.

The government separately provided almost nine billion pounds of public money to build the Olympic Park and provide security for venues in east London hosting the world’s biggest sporting event. Royalties of 1.3 million pounds received but not required to fund Games operations would be donated to legacy projects, LOCOG added.