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London Organising Committee of the Olympic and Paralympic Games

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The organising committee, which was not responsible for building permanent venues, reported spent £2.38 billion since winning the bid in 2005 and generated £2.41 billion. On 30 May 2013, it handed back to the government, Britain's Olympic committee and other beneficiaries a surplus of £30 million from the 2012 Games. The British Olympic Association received £5.3 million, the British Paralympic Association £2.6 million, and £20 million was returned to the Department for Culture, Media and Sport.

Formation

On 6 July 2005, the International Olympic Committee (IOC) chose London as the host city for the 2012 Olympic Games. After the success of the London bid, LOCOG was formed to continue the work started by the bidding team. LOCOG was officially designated as the organisers of the Games at its first board meeting on 7 October 2005.

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