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Millionaire Games chief awarded £100,000 bonus
Matthew Beard, Sports News Correspondent12.09.08
London Olympic chief Paul Deighton received a £104,000 bonus last year, accounts reveal today.
The former Goldman Sachs banker, who is worth £110 million, received a total of £557,440 as chief executive of the organising committee, Locog.
Figures also show members of the Locog board, which Princess Anne sits on, are paid £1,000 per meeting - the equivalent of about £500 per hour.
Under a loyalty scheme Mr Deighton, 51, is in line for a windfall payment of £300,000 on top of his salary if he remains in the top 2012 job until March next year. He will receive a similar bonus if he stays until 2012. Annual accounts seen by the Standard show Locog chairman Sebastian Coe receives an annual salary of £285,000 while finance director Neil Wood is the third highest earner on £260,000.
Olympic triple jump champion Jonathan Edwards was paid £87,000 for sports consultancy services on top of his £7,000 pay as a board member.
The Canary Wharf-based organisation employs 175 staff on a total wage bill of £11.1million. A third of Locog's forecast budget of £2 billion is coming from a broadcast deal with the International Olympic Committee.
The remainder will come from sponsorship, ticketing and merchandise. Its sister organisation, the Olympic Delivery Authority, is responsible for building the 2012 venues with £9.3 billion in public funds.
Accounts filed today at Companies House reveal that Locog has signed sponsorship deals totalling £317 million, including six "tier-one" contracts with British Airways, BT, Nortel, EDF Energy, adidas and Lloyds TSB. Mr Deighton said Locog hopes to achieve two-thirds of its £700 million target by the end of the next financial year "notwithstanding the current downturn in economic circumstances".
Accounts reveal that Locog spent £20million on the rights to use the Olympic rings in the UK from the British Olympic Association. The rings are the most valuable intellectual property Locog has to sell as it aims to reach its sponsorship target.
The report also shows that the London Development Agency paid Locog £750,000 to organise the 31-borough roadshow to promote the Games under former mayor Ken Livingstone.
Reader views (13)
" Millionaire Games chief awarded £100,000 bonus "
" £1,000 per meeting - the equivalent of about £500 per hour."
WHY, who agreed to this bonus & £500/hour.
STOP all payments and help the country.
- Mack, Hampshire
the 2012 olympic games - 'nice little earner'!
- David C, purbeck -uk
Now we know exactly why Londoners are being bled for extra council tax. We also now know why the people of Newham are being brainwashed into believing this 2012 junket is 'in their best interests'. No doubt next we will see begging sprees by wannabee athletes outside Stratford station. And we now see where that money will be going, where it was always going, into the pockets of those fatcats on the 2012 gravy train. Given this scenario, 2012 doesn't deserve to succeed.
- Joannie, London, England
He might not be a millionaire any more if all his wealth is in Goldmans Sachs shares and investments!
- James Smith, London
Think more than 5 million in this country have an interest in sport of some kind.
Maybe you meant "55 million" people don't care about the Olympics?
- Mark, Watford
I cannot believe that 20m pounds was passed to the British Olympic Association in order that they could be used in the promotion of the Olympics. What did the BOA(?)do with the money. Was VAT paid and was it recoverable?
Something is wrong; could lead to the 55 million with no interest in Sport looking for a revolution. RMc.
- Ray Mccarthy, London, England
Nothing has been achieved so what is the extra dosh for?
Should people not wait to see if London 2012 is a success (I don't just mean in terms of winning medals because our athletes will do that anywhere TBH) before giving out bounases surely?
Most other jobs would?
- Mark, Watford
"On whose authority is this PUBLIC money wasted?
- Lezli Taubler, London/UK"
Ken Livingston?
- Colin Foster, London, England
Why?
- Simon Jefferson, Oxford
On whose authority is this PUBLIC money wasted?
- Lezli Taubler, London/UK
Those salaries and bonuses are normally connected to companies making huge profits. 2012 can do without my help, I'd rather support Help the Aged and keep my family warm this winter.
Greedy people look like the only winners we will have.
- T Roben, Nr Rye E Sx
Hello London,
Well what can I say, words fail me this should be stamped on, these people are money grabbing greedy gits and the council tax payers of London are having to pay more in taxes along side the lottery funding ... its a joke get it sorted ?.
- J.L., Scarborough. N. Yks.
It's somewhat sickening to think that large sums of money are being frittered away on bonuses, when the Heritage Lottery Fund has just turned down the bid, (submitted by the Broomhill Pool Trust) to help restore our Olympic-sized pool in Ipswich.
To make matters worse the bid was rejected because HLF felt Ipswich Borough Council hadn't shown enough commitment and we knew that seven years ago!
There is always money for quangoes, for endless discussions and pointless targets, but the grassroots, community efforts are perenially starved of funds.
- Sally Wainman, Ipswich England
