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 boycotts during the Cold War limited participation in the 1980 and 1984 Games. The latter, however, attracted 140 National Olympic Committees, which was a record at the time. The Olympic Movement consists of international sports federations (IFs), National Olympic Committees (NOCs), and organising committees for each specific Olympic Games. As the decision-making body, the IOC is responsible for choosing the host city for each Games, and organises and funds the Games according to the Olympic Charter. The IOC also determines the Olympic programme, consisting of the sports to be contested at the Games. There are several Olympic rituals and symbols,