• Marketing Week , Thursday, March 22, 2012 10:32 AM

Speaking to a group of business leaders at an awards ceremony this week, Paul Deighton, chief executive of the London 2012 Organising Committee (LOCOG), has promised that this year’s Olympics will be one of “no white elephants.” Deighton claims that by using existing venues and the “creativity” of its corporate partnerships, LOCOG is avoiding unnecessary costs in staging its events this summer.

Speaking at the fourth FT ArcelorMittal Boldness in Business Awards, he said, “Our sponsors have signed up to £700 millon to support this. We had budgeted before the credit crunch to reach £600 million, so we exceeded that. And these companies are not just providing money but services, too.”

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