Bullish Deighton ready to smash sponsorship prediction

By Gerard Meagher, Sportsbeat

LONDON 2012 chief executive Paul Deighton believes his team is ready to smash through their sponsorship targets.

CONFIDENT: Paul Deighton insists his London 2012 commercial team are closing in on their £700 million revenue target (Getty Images)

Deighton couldn't hide his delight after announcing a tier one sponsorship deal with BMW, valued between £30 and £50 million.

No local organising committee has ever raised as much domestic sponsorship as London 2012 - who recently upscaled their revenue targets, despite the gloomy global economic picture.

BMW are the 24th sponsor to sign up and Locog expect to announce a number of tier two and three partners in the coming months.

"Since 2005, when we had no partners and no sponsorship revenue, we have seen this country go through on the worst economic hardships in recent times," said Deighton.

"And for us to be able to stand here today and say we are well on our way to reach £600m in terms of sponsorships is fantastic.

"Our aim has been to reach between £600m and £700m and with another tier one sponsorship such as this we really focus on reaching the top end of the that. It now seems well within range.

"And to get a sponsor such as this at this stage is a real achievement."

BMW will use their Olympic sponsorship across their portfolio, which includes iconic British brands Mini and Rolls Royce.

And London 2012 chairman Lord Coe has hailed the recession busting value of the Games

"Companies are recognising that there is a once in a lifetime opportunity to be part of this and seeing the benefit," he said. 

"We welcome BMW on board and look forward to working with them over the next three years. They have a vital role in keeping the Games moving and ensuring those working at the Games are where they need to be."