The Olympics

The Olympics


News, information and stories about the Olympics.

Wednesday, March 21, 2007

Money Well Spent?

Lloyds TSB Marketing Director, Nigel Gilbert, has been defending Lloyds decision to spend an estimated £50M to £80M on sponsoring the London 2012 Olympics.

The critics note that the 2012 Olympics is a "clean" event, whereby there will be no corporate branding at any of the venues.

Gilbert is adamant:

"Make no mistake: we will make money out of this."

He also noted that Lloyds wanted others to profit as well, and then rather over exuberantly stated that Lloyds sees its sponsorship as its duty to the nation.

LOCOG (the organisers of the games) commercial director, Chris Townsend, last week had to deny suggestions that the Olympics could become a marketing disaster on the scale of the Millennium Dome.

However, the auguries do not look good.

Thursday, March 15, 2007

The Pig In A Poke II

Tessa Jowell has finally announced the budget for the 2012 London Olympics, it will cost £9.3BN (before running costs of £2BN).

In other words, as has been predicted on this site for many months, the costs of the Olympics will be around £12BN.

The question therefore arises, if I could come up with the figure so quickly and so long ago, why the hell did it take Ms Jowell so long?

The Pig In A Poke

Tessa Jowell, the Culture Secretary entrusted with overseeing the London Olympics 2012, will announce today the budget for the games.

Cynics amongst you might ask why there is still no budget, given the fact that Britain bid for the games some years ago.

One would have thought that a bid could not have been put together, or indeed accepted by the IOC, without a budget. However, in the world of Olympic politics all things are possible.

My own personal guesstimate as to the costs, currently stands at £12BN (which includes £2BN running costs).

At a stormy session of the Commons public accounts committee last week, officials were accused of presiding over a "pig in the poke" and "Alice in Wonderland" finances.


However, whatever the budget figure announced today turns out to be, you can be sure that by the time the Olympics are held in 2012 it will be much more than that.

Never allow politicians to become involved in large scale projects.

Tuesday, March 6, 2007

Where's The Budget?

The British government is still very reluctant to come clean with the budget for the 2012 Olympic Games, saying that it has yet to be finalised.

The fact that everyone knows that it will hit at least £12BN, seems to have escaped the politicians.

However, I would ask this:

1 How is it Britain put together a bid for the Olympic Games, without having a budget?

2 Why did the IOC award the Games to Britain, if there was not a reliable budget in place?