Sep 07, 2011 at 01:30 PM
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Four Years Later.. London 2012 Reaches £700m Sponsorship Goal

The London Organising Committee of the Olympic Games and Paralympic Games (LOCOG) has reached its domestic sponsorship goal - £700 million. LOCOG confirmed that Westfield has become the Official Shopping Centre Developer and 44th domestic sponsor of London 2012 in a tier three deal.

Westfield’s 1.9 million sq ft Stratford City development is directly adjacent to the Olympic Park and it is estimated that three quarters of spectators will pass through it on their way into the Park at Games-time. As part of the deal Westfield will be home to the first ever TeamGB and ParalympicsGB merchandise shop which will open later this month. The shop will sell a wide range of TeamGB and ParalympicsGB souvenirs, which as part of the London 2012 merchandise programme is expected to raise more than £80m towards the staging of the Games. Last month it was confirmed that Westfield Stratford City would host TeamGB and ParalympicsGB throughout the Games in a stunning eighth floor venue overlooking the Park.

"We have a fantastic group of world class sponsors on board, now joined by Westfield, working with us to stage spectacular Games next summer," LOCOG CEO Paul Deighton commented. "We are very grateful to all of our sponsors for helping to provide the people, products and services we need to stage the Olympic and Paralympic Games next summer.”

“We are delighted to be extending our relationship with LOCOG in the sponsorship announced today," Michael Gutman, Managing Director for Westfield UK/Europe and New Markets, said. "We expect that Westfield Stratford City will enhance the whole Olympic experience in the period leading up to and during the Games as well as providing a unique boost to the legacy for many years beyond as well.”

LOCOG's domestic sponsorship efforts began in 2007 when the committee named Lloyds TSB the Official Banking Partner of London 2012. With today's deal, Westfield becomes the 44th domestic sponsor, taking LOCOG beyond the £700m mark.