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This time it's Locog (not) within budget!

Following the ONS' declarations on its inability to quantify the impact of the Olympics further information has been published on LOCOG's expenditure, which only tends to add to the confusion. LOCOG says it has broken even on costs of £2.4 billion. However, with ticket sales of £659 million, sponsorship of £764 million, £609 million from IOC media earnings and £85 million from merchandising making a total of £2,087 million it still had to rely on a government grant of £111 million for half the cost of the Paralympics and £200 million from 'incomes' (whatever that is!) meaning it did not meet its costs without assistance.

But, as the Standard points out, this did not include £1088 million that it received from the government for a variety of costs, of which £224 million went direct to LOCOG to pay for security, ceremonies and the Cultural Olympiad.

It also has to be pointed out that the supposed 0.2% boost to the economy from ticket sales doesn't represent a profit. This was just money spent to cover costs already incurred in running the Games!

Oh, what a lovely budget!


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