As the Capital prepares for the inspection visit of the International Olympic Committee (16-19 February), the City of London has today pledged over £1million to the London 2012 Olympic Bid.  Over half of this is cash donations from a City consortium, brought together to provide financial backing for the Bid.  There are currently nine consortium members, representing a wide range of City institutions.  Members include the Corporation of London, The British Land Company PLC, Euronext, Heron International, Legal & General and UBS.  The rest of the figure is made up of donations ‘in kind’.

Michael Snyder, Chairman of the Corporation of London’s Policy and Resources Committee, was instrumental in the setting up of this consortium, and he is continuing to encourage firms to pledge funds.  Further donations are expected. 

Michael Snyder said:  “The Corporation was among the first to get behind London’s Bid, and I am delighted to have been able to bring together a group of City businesses to also pledge their support financially.  We are at a crucial stage, in the run up to the announcement of the successful candidate city in July.  Business support will play an essential part in the effort to win the Games, and I would strongly encourage other businesses to join us, and to throw their support behind London.”

“The Olympic Games and Paralympic Games continues to be the greatest sporting and Cultural festival in the world – London would be the perfect host for this event.  The 2012 Games would be good for sport, for London, for business, and for the whole of the UK”.

Keith Mills, Chief Executive of London 2012 said “We are extremely grateful to the Corporation of London and the business consortium that have donated so generously to the bid.  The support of the city is crucial to our bid. In the run up to the final vote in Singapore in July this additional financial backing is vital and will help ensure that the bid is the best it can be, and that we give ourselves the best possible chance to win this intense competition.”

Notes for editors

The Corporation of London provides local government services for the City of London, the financial and commercial heart of Britain. The Corporation is committed to maintaining and enhancing the status of the business City as the world’s leading international financial and business centre through its policies and services.

In addition to co-ordinating the City consortium, the Corporation of London has been ‘backing the bid’ in a number of other ways:  A London 2012 Business Leaders’ Reception was held at Mansion House in October 2004; a Corporation of London sponsored float, with a London 2012 theme took part in the Lord Mayor’s Show in November 2004; 2012 banners are on display on lampposts around the City; and the Corporation’s large fleet of service vehicles are displaying ‘back the bid’ stickers in their windows. 

For further information please call: 

Fiona Milligan, Corporation of London Press office.  Tel 020 7332 3451 or  OR London 2012 Press Office, 020 7093 5000