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Lord Coe defends 'demeaning' auction of torches ahead of Olympic games | The London Organising Committee of the Olympic and Paralympic Games (LOCOG), Lord Sebastian Coe, has rubbished claims that auctioning surplus torches has lowered the importance of the Olympic Games. LOCOG announced on Wednesday that it was to sell off around 1,000 surplus torches as well as Games memorabilia
on its auction site. There was extensive disparagement of flame-bearers who offered
their torches for sale on eBay, and LOCOG's decision to try to cash in by the
same method has proved as controversial. Michael Payne, the former commercial
director of the International Olympic Committee, yesterday described the initiative
as "demeaning" on Twitter. LOCOG initially said that only the flame-bearers would
be able to buy torches, at 199 pounds for the privilege, but now it says anyone
can buy one, with the proceeds used to subsidise the cost of providing torches
to runners and to help pay for the Games. Lord Coe disagreed with the notion that
the auction was demeaning. "I think we've done the best torch relay that I have
ever witnessed and the interest is extraordinary. And yes, we've done some things
that have upped the cost a bit in key areas, and this is not a bad way of helping
us fund it," The Telegraph quoted Lord Coe, as saying. LOCOG has a tight budget
of 2.2 billion pound raised through sponsorship and the sale of tickets, broadcast
rights and merchandise. This is separate to the 9.3 billion pound public sector
budget. LOCOG hopes to raise net merchandise revenue of 100 million pound, but
the sale of the torches has added a new dimension to commercialising the Olympics.
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