Organisers originally set a target of between £650 million and £700 million to be raised from domestic commercial deals, but with Westfield having become the 44th domestic sponsor for the Games, the upper milestone has been reached. Westfield’s huge 1.9 million square foot development at Stratford City is located next to the Olympic Park and three-quarters of Games spectators are expected to pass through the shopping centre during the Olympics and Paralympics.
As part of the deal, Westfield will be the home of the first TeamGB and ParalympicsGB merchandise shop, which will open later this month. London 2012 chief executive Paul Deighton said: “It is with great pride that this deal takes us to our target of raising £700 million in domestic sponsorship,” said London 2012 chief executive Paul Deighton, who has been widely praised for kicking off the commercial programme for the Games before the worst of the global economic crisis started to bite.
London 2012 chairman Sebastian Coe added: “It was a stretch target and made no easier by the economic problems. Those companies that have come to the table have brought so much more than just the money – they have smart, creative people many now seconded to our own organisation who are making a huge contribution beyond simply the funding.” Last month it was confirmed that Westfield Stratford City would host TeamGB and ParalympicsGB throughout the Games in an eighth floor venue overlooking the Park.
Also on Wednesday, the London Organising Committee of the Olympic and Paralympic Games (LOCOG) published its accounts for 2010-11. In addition to the domestic sponsorship deals, as of March 31 LOCOG had signed up deals for licensed merchandise sales which will generate a minimum guaranteed income of £44 million. LOCOG had also secured £266 million of contractual hospitality ticketing income and client group ticket sales.
