Millionaire Games chief awarded £100,000 bonus

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.

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