Eye-ing the Games (From This Is Local London)

Eye-ing the Games

4:59pm Friday 18th February 2005 in

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This is the image that will define the London 2012 Games: golden Olympic rings glowing on the Millennium Wheel.

State-of-the-art technology will light up the giant wheel on the South Bank, with the five rings at its centre.

Bid officials believe it will add the same "icon presence" to the London Games as the Sydney Harbour Bridge projections did in 2000.

Visiting Independent Olympic Committee (IOC) inspectors will get a taste tonight when they are taken on a river cruise past eight floodlit landmarks. These include Big Ben, Tower Bridge, the Tower of London, Tate Modern, Battersea Power Station and Somerset House.

With images of athletes jumping over London icons illuminating each building, it is the largest coordinated set of projections ever.

Earlier today the IOC members lunched with Prime Minister Tony Blair, opposition leader Michael Howard and Liberal Democrat leader Charles Kennedy at 10 Downing Street.

Their "depth of unity and purpose" has "clearly impressed" the IOC, said culture secretary Tessa Jowell.

She and London mayor Ken Livingstone emphasised the political backing for the bid at a presentation this morning.

In a session on the legal details of the London Games, bid ambassador Cherie Blair used her skills as a barrister to describe how intellectual property rights would protect the Olympic logo.

Yesterday's tour of the venues was a "huge success", said bid spokesman Mike Lee. It left a "very, very good impression" on the 13 inspectors.

The infrastructure for the Games will cost £2.375 billion in public money.

Of that, £1.5 billion will come from the Lottery. That includes a new Olympic lottery launched on 7 July, the day after the host city is announced. It will go ahead only if London wins the Games.

The rest is funded by the Mayor's London Development Agency and council tax. The average household will pay an extra £20 a year until 2012.

To run the Olympics will cost another £1.5 billion, which will be paid for by sponsors, TV rights, licensing and tickets sales.

Neil Wood, London 2012 finance director, said they expect to make a profit of at least £100 million. "We are confident that the Games in London will be a huge financial success."

Ticket prices will start at £10 for entry to the Olympic Park, where people can soak up the atmosphere similar to on "Henman Hill", and end at £1000 for a top seat at the opening ceremony.

With 5.5 million of the 8 million tickets below £50, London is the candidate city with the most tickets at lower prices.

Event tickets will average £40, the cheapest being £15.