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Press release

22:54

LOCOG formally established at first meeeting of London 2012 Transition Board

Planning for the London 2012 Olympic Games and Paralympic Games continued to progress today when the new interim Board met for the first time to sign the documents that officially establishes the London Organising Committee of the Olympic Games (LOCOG) th

The meeting of the Interim Board also approved the long term office arrangements and special funding arrangements for LOCOG.

Members of the Interim Board*, Chaired by Lord Coe, will serve for up to six months until the permanent LOCOG board is appointed before next April.

"The first Board meeting of the organising committee for an Olympic Games is always a significant event for a new host city and we are delighted that we have been able to hold this meeting in the earliest stages of preparations for the London Games," Coe said after the meeting.

"The Olympic and Paralympic Games is the biggest sporting and cultural event in the world and it is vital that the necessary planning, facilities and resources are available to support the organising committee," he said.

The meeting considered and authorised the management to conclude the office and funding arrangements for the new London 2012 Organising Committee, including agreement on terms and conditions for lease of office space at Canary Wharf, close to the new east London Olympic Park site.

"The proximity of the organising committee's new offices to the London Olympic Park and surrounding transport connections will provide Games organisers, planners and other stakeholders with vital access to key Olympic and Paralympic venues during the various stages of construction, development and testing prior to the Games," said LOCOG CEO Keith Mills.

The offices of the Olympic Delivery Authority (ODA), which is responsible for the planning and construction of new venues and other Games-related infrastructure, will be co-located in the new LOCOG headquarters.

A £50million three year funding agreement was also approved at the meeting and will form the basis of the Organising Committee's operating budget to help to maintain momentum and activity in the vital early stages of preparation for the Olympic Games.

"This funding package will enable us to begin planning for key Olympic Games and Paralympic Games programmes, including Olympic revenue raising programmes for sponsorship, merchandising and ticketing as well as other key Games-related projects such as the volunteering programme and Torch Relay," Coe said.

"Starting as early as possible and doing as much as we can in the critical early years of the Olympic planning cycle will ensure that London and the UK get the best possible long term benefits from the new Olympic facilities and services," Coe added.

Today's Board meeting is the latest in a series of early planning milestones since the capital was selected by the IOC as host city for the 2012 Olympic Games on 6 July in Singapore.

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For further information please contact the London 2012 Press Office on +44 (0) 20 7093 5100 or visit our website at www.london2012.com

Note to editors

* LOCOG Interim Board Members
Sebastian Coe (Chairman)
Keith Mills (CEO)
Neil Wood (LOCOG Finance Director)
Craig Reedie (BOA + IOC Member)
Philip Craven (IPC + IOC Member)
HRH The Princess Royal (IOC Member)
Simon Clegg (BOA)
Mike Brace (BPA)
Neale Coleman (GLA)
Mary Reilly (LDA)
Patrick Carter (Sport England)
Howard Bernstein (Manchester City Council)
Jonathan Edwards (athlete representative)



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