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London Games tickets expected to raise $660 million

Last Updated: Wednesday, November 11, 2009 - 11:15

London: Tickets sales for the 2012 London Olympics and Paralympics are expected to generate around 400 million pounds (USD 666 million), London organising committee chief executive Paul Deighton said on Tuesday.

Deighton told a sports event management conference that organisers had wanted also to raise between 600 and 700 million pounds in private sponsorship revenue.
"Currently we are just above 550 million pounds," he said.

"If you look at the revenue we have yet to capture, the principal component will be from ticketing."

"Something like 400 million will come through ticketing. We are building business plans for each of the sports to make sure that we can get tickets in the hands of the people who most want to be there."

Around nine million tickets for the Olympics and Paralympics will go on sale in 2011.

"We will be very focused over the next 12 months on getting our ticketing strategy right, priced well enough to meet our revenue targets with lots of opportunity to make them affordable and accessible for people who don`t have the deepest of pockets," Deighton said.
He added that organisers had been trying to raise money during a financial crisis which they could not have foreseen when London was awarded the Games in 2005.

"I don`t think any of us expected to be out there raising private money to put on the Games in the worst economic environment we`ve seen in century," he said. "That was obviously a challenge."

"The toughest bit is to raise the private sponsorship as you have to do in this early period and that`s where we have been incredibly focused."

"If I can point to the most gravity defying accomplishment of the project so far it`s raising that money in the light of extraordinarily difficult economic conditions."

"It says a lot about the power of the Olympic and Paralympic brands, it says a lot about the appetite of this country to be involved in making this an incredible success."

Bureau Report

First Published: Wednesday, November 11, 2009 - 11:15
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