text: London 2012: Lord Coe allays fears over mooted public spending cuts - Telegraph
  London 2012: Lord Coe allays fears over mooted public spending cuts
  Lord Coe, the chairman of the London 2012 Olympics organising committee, has attempted to allay fears that mooted cuts in public expenditure will affect the delivery of the Games.
  Delivering the best: Lord Coe is promising London will host great Games whatever politicial party is in power Photo: JULIAN SIMMONDS
  By Jacquelin Magnay in Dubai
  7:59PM BST 29 Apr 2010
  Coe was quizzed on Thursday morning by the International Olympic Committee executive board about the May 6 election impact on the London Olympic games preparations.
  He told the board that there was unilateral cross party support that started throughout the bid and that support had continued because all political parties had been engaged and consulted in all stages of the Games planning.
  "There is no certainty of outcome, but we will deliver seamlessly no matter the political landscape, it is not unusual that this happens over a seven year period (from the time of winning the Games to hosting it).'' he said.
  But Coe noted: ''We understand that whoever nudges across the line faces the bleakest outlook of public expenditure we have seen in a generation.''
  Locog chief executive Paul Deighton anticipated that whoever is elected will embrace the Games.
  "The Games is a principle asset the country has, a new government will embrace us enthusiastically to make the most of this extraordinary event in 2012,'' Deighton said.
  The £3 billion Olympic games operating budget will be funded through £620m sponsorship already secured, a merchandising campaign that will kick off with the launch of the mascot in May to raise £70m, the ticket sales of £441m and the share of television rights of just under £1 billion.
  This has quarantined the organisers from the economic fluctuations at the moment. However Deighton revealed that the organising committee did not have insurance for a major catastrophe such as SARS or volcanic ash disruption.
  However in the coming months potential suppliers of goods and services for the organising committee will be encouraged to become sponsors and supply some goods as value in kind.
  He said companies that offer sponsorship in tandem with supply of goods ''are in the driving seat for procurement''. The incoming government still has billions of pounds to spend on Games related infrastructure, venues, security and transport. The total Games expenditure is £9.3 billion.