London 2012 Olympic Games: Locog made £53m loss

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The organisers of London 2012 made a £53m loss in the 18 month period to the end of September last year, official accounts show.

Locog said it had deferred income in excess of £70m and when it winds up the company later this year, it is confident that it will be solvent.

The final set of accounts will be published in June.

Locog's budget for the Olympics and Paralympics was about £2.4bn, raised largely from the private sector.

Ticket sales, sponsorships and merchandising are all included in the money it raised.

The accounts also show Locog directors were paid more than £2.1m over the 18 months.

Its chief executive, Paul Deighton, was paid a bonus in excess of £330,000 during the accounting period.

His total bonus while in charge of Locog has amounted to £1.34m, all of which he has given away.

Chairman Lord Coe had a salary of £535,000, the accounts show.

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