Moore Stephens have been appointed as liquidators for the The London Organising Committee of the Olympic Games and Paralympic Games Limited (LOCOG), which was placed into a solvent liquidation process on 30 May 2013.
Over its eight year life, LOCOG achieved revenues of £2.41 billion from the private sector, whilst containing costs at £2.38 billion. As a result:
LOCOG will make payments of £5.3 million to the British Olympic Association  and £2.6 million to the British Paralympic Association to honour its contractual obligations.
It will also pay c.£20 million to the Department for Culture, Media and Sport to fulfil commitments under government grant agreements, such as the grant to cover the rental cost of the Village after it passed into public ownership.
As part of an agreement with the National Lottery, royalties of £1.3 million received but not required to fund the operation of the Games will be donated to Games legacy projects, with £1 million going to the International Inspiration charity and £300,000 going to the Join In Trust.
In addition, over its lifetime LOCOG has donated to UK Sport £7.4m of royalties it received from the Team 2012 joint venture.
Chairman of LOCOG, Seb Coe, said:
‘One of our key objectives was to deliver an outstanding Games within a balanced budget and I am proud to say that we have achieved this, thanks to the strong management of our core finances.’
Preparations for the liquidation process began nearly three years ago. Find out more about the importance of accountants in the Olympic Games.