An assessment of the economic impact of the 2012 Olympics on London
Introduction
In July 2005, the IOC (the International Olympic Committee), voted to award the rights to the 2012 Olympics to London. This announcement was the culmination of a bid placed by the Organizing Committee for these games, under the stewardship of Lord Sebastian Coe (Oxford Economics, 2012, pp. 5-38). Founded by Baron de Coubertin in 1896, the Olympics take place every four years and are singularly the world’s largest sporting event (Horne & Whannel, 2012, p. 12). This announcement thus gave the city a 7-year window in which to prepare to host the world. Consequently, London was able to
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