LOCOG, which unveiled American delivery company UPS as a tier-two sponsor yesterday in a deal worth around £20 million, said it expects its current target of £650 million to increase as businesses become more attracted to Olympic sponsorship the closer the Games get.
"I have always from the beginning talked about £600 to £700 million the midpoint is £650 [million]. The success of the programme so far has encouraged us to shift to the right hand of the range," said LOCOG chief executive Paul Deighton.
Deighton said last year that he feared the global recession would hamper LOCOG's ability to secure sponsorship.
LOCOG's current sponsorship total now stands at around £550 million. The majority of remaining sponsorship will come from tier-two and tier-three deals worth between £10 and £20 million each.
