14 Nov 2012

London Olympic revenue targets reached

6:38 am on 14 November 2012

Sponsorship deals and revenues from the sale of almost 11 million tickets helped organisers achieve their target of raising £2.4 billion to stage the Olympics and Paralympics in London in July and August.

The income covered the core costs of putting on the event, said London Organising Committee chief executive Paul Deighton in a statement issued on Tuesday.

Another £9 billion pounds to build and provide security for the venues in east London was separately provided by the British government.

Almost £750 million was raised through domestic sponsorship deals with more than 40 businesses including BP, BT and British Airways.

That was almost four times the amount generated for Athens in 2004.

Revenue from ticket sales also topped forecasts at a record £659 million. The previous highest figure raised from ticket sales was $US551 million generated by Sydney in 2000.