London 2012 signs Westfield, as sponsor cash at £700m

GB athletes Bobby White (Handball), Kate Walsh (hockey), Zoe Smith (weightlifting), Sarah Stevenson (Taekwondo) and Dan Clark (Basketball) at Westfield Stratford, close to the Olympic Stadium
Image caption Westfield has signed up in the third tier of Locog sponsorship which is allocated for suppliers

Organisers of the London 2012 Olympic Games say they have reached their £700m ($1.1bn) domestic sponsorship target.

Westfield shopping centres has signed as the 44th commercial partner with the games' organisers Locog.

The deal will allow the firm's complex at Stratford, near the Olympic Park, to next month open the first TeamGB and ParalympicsGB merchandise shop.

Sponsorship is a major part of the core operating budget of £2bn for staging the London 2012 Games.

Other sources of revenue include merchandising and licensing, ticket sales, and a proportion of the revenue raised by the International Olympic Committee (IOC) through selling global television broadcast rights, and global sponsorship.

"We have a fantastic group of world class sponsors on board, now joined by Westfield, working with us to stage spectacular games next summer," said Locog chief executive Paul Deighton.

Locog's newly released annual report also shows that in the period to 31 March 2011, it had signed deals for licensed merchandise sales which will generate a minimum guaranteed sum of £44m, "with total income expected to be in the region of £86m".

In addition, by April the organisers had also secured £266m of hospitality ticketing income and group ticket sales.

This figure does not include income from public ticket sales for the Olympic Games which was received after the end of the financial year.

Meanwhile the report showed that Mr Deighton received a salary of £479,873. He also received a bonus of £220,000 which, as in 2010, he is giving to charity.

Locog chairman Seb Coe's salary during the year was £357,000 with no bonus.

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