Olympic hospitality to net £1.6bn for businesses

Companies investing in corporate hospitality at the London 2012 Olympic and Paralympic Games  are likely to earn a return on investment exceeding 12 per cent, according to a new report which estimates the total value at £1.6bn to companies involved.
 
The report was commissioned by Prestige Ticketing, appointed to operate the 2012 in-venue hospitality programme by London Organising Committee of the Olympic Games (LOCOG).
 
It also revealed the total value of 2012 Olympic hospitality is set to exceed more than £3bn as companies seek top tickets for next year’s event.
 
Professor Simon Chadwick, Director of the Centre for the International Business of Sport at Coventry University, said of his research: “Many company boards of directors are now establishing clear guidelines for the return on investment they expect on corporate hospitality expenditure, as with any other element of their marketing mix.”
 
It is estimated that 6.6m tickets will go on sale to the British public; a further 2.2m will go to international sports fans, NOC’s, sponsors, international federations and other key stakeholders.
 
Prestige’s Chief Operating Officer, Alan Giplin, told CN 40 per cent of the London 2012 hospitality packages have been sold to date. “We expect demand to grow in the next two months,” he said, “as company’s set their budgets for next year and commit.”
 
Giplin said he had been“pleasantly surprised” by the variation of sectors that have taken up corporate hospitality. “It is often banking and finance that pick up the lion’s share, but we have seen a good take up from construction and energy and resource companies,” he said.
 
Do you have a news story for CN? Email: vcarley@mashmedia.net

Paul Colston

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Paul Colston

Managing Editor, Conference News & Conference & Meetings World.

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