London 2012 unveils EDF as Games partner

LONDON, July 11 (Reuters) Sebastian Coe raked in another chunk of funding for the London 2012 Olympics today when French energy specialist EDF was named as the second major sponsor for the Games.

Around one third of the 4.06 billion dollar budget needed to run the two-week sporting festival will come from commercial partners and EDF join British bank Lloyds TSB who were unveiled as the first tier one sponsor in March.

No figures were disclosed, but London organising committee (LOCOG) chief executive Paul Deighton said tier one sponsors guarantee around 101.5 million dollars. He said two or three more could be named this year.

EDF Energy, the UK subsidiary of EDF, has been on board with London 2012 since the beginning of the bidding process and will be the ''sustainability partner'' for the Games.

One of the pledges made to the International Olympic Committee (IOC) is that London 2012 will aim to be the ''greenest'' Games in modern Olympic history.

''This is a continued declaration of support from the commercial sector,'' Coe told reporters at Greenwich Park by the River Thames which will host equestrian three-day eventing.

''(LOCOG) raises all its money from the private sector, we don't have the Lottery or tax to fall back on.

ESSENTIAL EXPERTISE ''These guys (tier one sponsors), particularly EDF today, are partners, not just sponsors, and will help us deliver a better Games because they bring expertise to the table which is absolutely essential to our vision.

''We want to leave something that lasts and EDF understood right from the start that it was not about just pitching for 16 days of sport. It's about changing landscapes, inclusivity, biodiversity, healthy living, climate change, this why EDF is such an important partner for us.'' Pierre Gadonneix, chairman and chief executive of EDF, said he shared Coe's vision.

''I am delighted that EDF will be an official partner of London 2012,'' he said at the launch.

''With these Olympic and Paralympic Games, we want to deliver the vision of inspiring future generations and leaving a lasting legacy, in sport and in society.'' The remainder of LOCOG's budget, which Coe stresses has not changed since the bid, will be met by domestic partners, the IOC, television rights and ticketing and merchandise.

LOCOG's running costs are separate from the budget for building the Games infrastructure and regenerating a large swathe of east London.

In March, after months of speculation about spiralling costs, the government more than doubled the cost of delivering the Games to 9.3 billion pounds.

Yesterday, Parliament's Public Accounts Committee said the government was financially exposed over the Games and needed a stronger monitoring system to make sure preparations did not fall behind schedule.

REUTERS BJR PM2040