Organisers of the London Olympics say they have ridden out the recession and are on budget and ahead of schedule to stage the Games in 2012.

Lord Sebastian Coe, Chairman of the London Organising Committee, LOCOG, promised the IOC today “we will be ready in plenty of time to test and practise”.

He told the IOC Session in Copenhagen London had overcome the challenge of raising money in a very difficult economic environment.

“We have signed up 22 sponsors in a very tough economic environment”.

London had raised 550 million pounds out of an ultimate target of 700 million pounds. The Chairman of the IOC Co-ordination Commission for 2012 praised London for a “very good Team spirit and a spirit of co-operation within LOCOG”.

Lord Coe told the IOC members the Games had the overwhelming support of the British people.

He was cautious regarding the level of support from the British media.

“The press are never tamed they are only under sedation” he said.

The IOC have voiced concerns that two venues for the London 2012 Olympics have still to be finalised. The message that time is running out to pick sites for rhythmic gymnastics and badminton was delivered by Denis Oswald, head of the IOC's evaluation commission for the 2012 Games.

The two venues in question are the subject of a costing row between the London organising committee and London's mayor.  

The Organising Committee for next year’s Vancouver Winter Olympic Games also reported to the IOC members.

They also promised Vancouver is on track just four months out from the Games despite very tough economic times.

VANOC promised to deliver a balanced budget and leave a lasting legacy. They expect all events in Vancouver to be sold out.

Mike Tancred – AOC
Copenhagen