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Olympic Games 2012: Private Sector

Volume 469: debated on Monday 10 December 2007

To ask the Secretary of State for Culture, Media and Sport how much he expects the private sector to contribute to the Olympics Legacy Trust. (172080)

The £40 million endowment for the Legacy Trust is made up of a £6 million grant from DCMS, £5 million from Arts Council England (ACE), £5 million from the Big Lottery Fund (BiG), and £24 million from the Millennium Commission (which has since been transferred to BiG). The aim is to double the endowment to £80 million by 2012.

In the fundraising strategy in its bid for the endowment, the Trust set out the definition of doubling the £40 million endowment to £80 million not just on a cash basis, but via the leveraging of in-kind assistance.

The budget in the fundraising strategy, showing where the Trust anticipates the additional £40 million coming from, is as follows:

£ million

Trusts/Foundations

10

Public Sector/Government

15

Business/Commerce

15