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
Olympic Games national anthems are played: the flag of the current host country; the flag of Greece, to honour the birthplace of the Olympic Games; and the flag of the country hosting the next Summer or Winter Olympic Games. The president of the organising committee and the IOC president make their closing speeches, the Games are officially closed, and the Olympic flame is extinguished. In what is known as the Antwerp Ceremony, the mayor of the city that organised the Games transfers a special Olympic flag to the president of the IOC, who then passes it on to the mayor of the