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
2002 Commonwealth Games at the 2008 Olympics and another eight gold medals at the 2012 Olympics, partly attributed to the availability of the velodrome. Manchester City F.C. inherited the City of Manchester Stadium, and as a result, have since found themselves in a desirable investment opportunity in age of foreign football investment. The club was taken over by the Abu Dhabi United Group led by Sheikh Mansour in 2008, without the stadium, a takeover would have been far less certain. The Games were a formative moment for Manchester and Britain with then-IOC president Jacques Rogge viewing the games as an important litmus test