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
International Olympic Committee Vikelas as its first president. As of June 2017, its membership consists of 95 active members, 41 honorary members, an honorary president (Jacques Rogge) and one honour member (Henry Kissinger). The IOC is the supreme authority of the worldwide modern Olympic movement. The IOC organises the modern Olympic Games and Youth Olympic Games, held in summer and winter, every four years. The first Summer Olympics organised by the IOC was held in Athens, Greece, in 1896; the first Winter Olympics was in Chamonix, France, in 1924. Until 1992, both Summer and Winter Olympics were held in the same year. After