The London Organising Committee of the Olympic Games, or LOCOG, was officially set up yesterday at the first meeting of its transition board, chaired by Sebastian Coe.
Preparation for the 2012 Olympics has moved a step forward with the formal establishment of the body responsible for planning and staging the Games.
The London Organising Committee of the Olympic Games, or LOCOG, was officially established yesterday at the first meeting of its transition board, chaired by Sebastian Coe. The members of the transition board will serve for up to six months until a permanent board is appointed.
The meeting also authorised the conclusion of office and funding arrangements for LOCOG. This includes agreement on terms and conditions for lease of office space at Canary Wharf and a £50m three-year funding agreement to finance LOCOG’s operations.
Coe said the funding package would mean the committee could begin to make progress on key Olympic and Paralympic work. He 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 gee the best possible long term benefits from the new Olympic facilities and services.”
The Olympic Delivery Authority, which will be established specifically to oversee the construction programme, will be located alongside LOCOG in Canary Wharf.