Friday, February 8, 2013
London set to break even on budget
LONDON -- London Olympic organizers say they remain on course to break even on their operating budget.
The local organizing committee forecasts total revenue and expenditure will both be $3.8 billion. The privately financed LOCOG budget, which covers the running of the games, is met through sponsorships, ticket sales, television rights fees and merchandising.
It is separate from the government's public-sector budget of more than $14.2 billion, covering venue construction, security and other infrastructure costs.
LOCOG's financial report covering the 18 months up to Sept. 30 shows a loss of $83.5 million but also shows $123 million of revenue in the bank that will show up in the final books later this year.
Organizing chief Sebastian Coe says despite "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."