London bid for the 2012 Summer Olympics being selected by the International Olympic Committee (IOC) when put up against other world cities in a competitive bidding process. On 6 July 2005 at its 117th Session in Singapore, the IOC awarded London the right to host the Games of the XXX Olympiad. The city beat the favourite Paris 54 to 50 on the fourth and final ballot. London is the first city to host the Games three times. At the time of the bid, the budget projection was around £2 billion, but it was later estimated that the true cost would be around £9 billion. The project involved
President of the International Olympic Committee President of the International Olympic Committee The President of the International Olympic Committee is head of the Executive Board that assumes the general overall responsibility for the administration of the International Olympic Committee (IOC) and the management of its affairs. The IOC Executive Board consists of the President, four Vice-Presidents and ten other IOC members; all of the board members are elected by the IOC Session, using a secret ballot, by a majority vote. The IOC organizes the modern Olympic Games, held every two years, alternating summer and winter Games (each every four years). The IOC President holds the office