Deighton admits 2012 sponsor challenge 11/11/2009 |
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London 2012 chief Paul Deighton has admitted that signing up sponsors to multi-million-pound deals during the recession has been “tough”, and has set his sights on raising £400m through ticket sales alone.
Deighton told a conference that the organising committee was aiming to raise between £600m and £700m from sponsorship revenue and that so far it had brought in just over £550m.
“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 focussed.
“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 and it says a lot about the appetite of this country to be involved in making this an incredible success.”
Deighton added that the primary focus now will be revenue from tickets, about 9 million of which go on sale in 2011: “If you look at the revenue we have yet to capture, the principal component will be from ticketing.
“Something like £400m 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.
“We will be very focussed 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.”
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