Reuters: Sports News: London 2012 reports surplus in final accounts

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London 2012 reports surplus in final accounts May 30th 2013, 12:40 Tweet Share this Email Print Related News UPDATE 3-Olympics-Squash, baseball, wrestling on 2020 shortlist Wed, May 29 2013 Analysis & Opinion RBS needs to make the case for freedom A cyclist rides past the Olympic Stadium in the Queen Elizabeth Olympic Park in east London March 22, 2013. Credit: Reuters/Toby Melville LONDON | Thu May 30, 2013 8:40am EDT LONDON (Reuters) - The British Olympic Association (BOA) was given a 5.3-million-pound ($8.01-million) windfall on Thursday after organizers of last year's London Games reported a 30-million surplus in their final accounts. Organizers 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 organizations 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 fulfill 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. ($1 = 0.6616 British pounds) (Reporting by Alan Baldwin, editing by Clare Fallon) Tweet this Link this Share this Digg this Email Reprints We welcome comments that advance the story through relevant opinion, anecdotes, links and data. If you see a comment that you believe is irrelevant or inappropriate, you can flag it to our editors by using the report abuse links. Views expressed in the comments do not represent those of Reuters. For more information on our comment policy, see http://blogs.reuters.com/fulldisclosure/2010/09/27/toward-a-more-thoughtful-conversation-on-stories/ Comments (0) Be the first to comment on reuters.com. Add yours using the box above.

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