In another blow to the so called London Olympics 2012 "budget", a number of advertising agencies have pulled out.
For why?
It seems that the Olympics organisers are so desperate for cash to throw into the ever growing budgetary black hole (£12BN - including £2BN running costs - and rising), that they tried to charge the agencies £10M each for the "honour" of being a "tier three" sponsor.
Whilst the £10M was not an "up front fee" as such, any agency signing up would have been required to agree to spend millions in exchange for being named an official 2012 sponsor.
Unsurprisingly those in the advertising industry don't think that the benefits, especially during the recession, justify the outlay.
Olympic Medals won during the Beijing 2008 Olympics
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