Deighton confirms LOCOG on track to meet revenue target for London 2012 Olympic Games
The London Organising Committee for the Olympic Games is on track to meet the target they set to raise funds for the purpose of London 2012 Olympic Games. The amount of money that was set as target to be obtained from fund raising was 2 billion pounds, all
of which is nearly raised.
The chief executive of LOCOG, Paul Deighton, told the Reuters that the money that will form the bulk of the initial revenue for the London 2012 Olympic Games will be obtained from ticket sales as well as the sponsorships that LOCOG has been able to get on
board.
Deighton gave the following statements while talking about the fund raising money, “I broadly expect us to break even. One way I describe our project is trying to land about 2 billion pounds of revenues, with about 2 billion pounds of costs. We have got
committed just over 92 percent of the revenues we need... People accept it is going to be a great party in the summer. But they also want to make sure, particularly in this environment, that it is decent value for money. I think there is still work to be done
to get that effectively across.”
Despite the statements given by Deighton regarding the progress of revenue generation by the LOCOG, there has been no evidence of hard facts to support the claims.
For this purpose, LOCOG has been brought to the lime light as it has lacked transparency in its operations regarding other processes as well. The LOCOG has failed to release the details of the tickets that have been sold until this point. There is no information
on how much revenue has been generated at each venue by each category of ticket sales. Despite the criticism that the LOCOG has been receiving, it has maintained that the final accounts of the LCOG will not be made public until after the London 2012 Olympic
Games reach their close.
This is contrary to the responsibilities of LCOG as it is a private company that is entitled to make public its cash flows to all the stakeholders involved.
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