Locog expects to break even on £2.4bn Olympics

London 2012 organising body Locog says it will break even on the Olympics before it is dissolved in June.

The Olympics will break even, says Locog
The Olympics will break even, says Locog

Accounts published for the 18 months to September 2012 put the final cost of the Olympics at an estimated £2.4bn.

The financial results show an operating loss of £53m for the period, but with deferred revenue of £78m which will cover the loss and cost of closing Locog, meaning the company can be liquidated with no debts when it is dissolved later this year.

The report states the Olympics was financed by the private sector through schemes like sponsorship, merchandising, licensing and ticket sales. Locog received public sector funding for the Paralympics and the reconfiguration of venues after the Olympics.

Sebastian Coe, chairman of Locog, said: "During the 18-month period covered by this report Locog worked tirelessly to integrate and implement the detailed planning carried out since 2005.

"Despite some monumental challenges, not least the weather leading up to the Games, we did all this whilst continuing to bear down on costs and raise our remaining revenue. I am delighted to report that we were able to operate without utilising the contingency made available to us by Government and we remain on track to break even when we file our final accounts later this year."

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