Coe unveils London 2012's first official partner

The first official partner of the London 2012 Olympics will be banking giant Lloyds TSB, it was announced today.

The sponsorship deal, which is believed to be worth around £80m (€116.7m) to the London organising committee (LOCOG), will provide money for the running of the Games.

London 2012 chairman Sebastian Coe hailed the announcement as a significant milestone in the preparation for the Olympics.

Coe said: “It’s a big moment in the life of a host city. Winning it is pretty important, but there are fewer bigger moments in the lead-up to the opening ceremony than bringing your first partner to the table.

“We are delighted. We have to raise a lot of money to stage an Olympic Games, from a number of revenue streams, and bringing in business partners who share our vision for the games is very important for a privately-financed organisation.

“It is very important that we hit our targets and that we do it with partners who really understand what this whole project is about.”