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Barclays offers £50m loan to Olympics organiser |
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Barclays offers £50m loan to Olympics organiser4th October 2005, 06:53Barclays is lending the newly created London Organising Committee of the Olympic Games (Locog) £50m in a three-year deal.
It said the loan was intended to provide finance for Locog in its initial years as well as forming the basis for its operating budget as it plans for the games in 2012. Barclays is already a substantial provider of financing to British sport, acting as banker to 10 out of the 20 Premiership football clubs as well as spending £57m sponsoring the Premiership. It also provides services to cricket and rugby clubs. The bank would not disclose the terms of the loan to Locog. Guardian Unlimited |
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