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
Youth Olympic Games was introduced by Johann Rosenzopf from Austria in 1998. On 6 July 2007, International Olympic Committee (IOC) members at the 119th IOC session in Guatemala City approved the creation of a youth version of the Olympic Games, with the intention of sharing the costs of hosting the event between the IOC and the host city, whereas the traveling costs of athletes and coaches were to be paid by the IOC. These Games will also feature cultural exchange programs and opportunities for participants to meet Olympic athletes. Several other Olympic events for youth, like the European Youth Olympic Festival held every