Speaking at the Conservative Party conference in Birmingham today (6 October), Jeremy Hunt, secretary of state for culture, Olympics, media and sport, lavished praise on the Olympic Delivery Authority, organising committee Locog and chief executive Seb Coe’s “extraordinary leadership”.
“Seb’s team raised two thirds of the sponsorship money before the economic crisis, so let’s congratulate them for being about the only people who did fix the roof while the sun was shining.”
It is said that £650m of the £700m sponsorship revenue target Olympic bosses set has already been raised nearly two years before the event.
Locog has signed 27 domestic partners to date including BP, BT, EDF and Lloyds TSB.
It also wants to raise £80m from licensing royalty revenues and has signed deals with companies including Hornby, which will manufacture several Olympic-themed toys.