By Brian Carroll
www.Olivestudio.com
Posted: Tuesday 25th May 2010 | 17:53
By James Toney, Sportsbeat
WHEN Anish Kapoor unveiled his twisted tower – dubbed by some a rollercoaster gone wrong – which will sit at the heart of the London 2012 Olympic Park, it met with an expected mixed reaction.
But what was not in doubt was the commercial masterstroke of billionaire steel baron Lakshmi Mittal, who it appeared had secured his company valuable naming rights to one of the most high-visibility symbols of the Games, the ArcelorMittal Orbit.
ArcelorMittal were also named as a tier two London 2012 sponsor but their apparent land grab in the heart of Olympic Park was not universally welcomed.
Some tier one partners – who have paid up to £80 million for their rights – felt for less a quarter of that amount, another lower level sponsor was getting an unfair advantage, as they didn’t have such high-profile collateral to leverage their investments come Games-time.
However, in a press release issued today by London 2012 organisers – they officially confirmed the appointment of ArcelorMittal as a tier two sponsor, just as the company themselves had in their own release nearly two months ago, but clarified the structure would only be known as ‘The Orbit’ during the Olympics and proceeding Paralympics.
Mittal is underwriting £16 million of the £19.1m cost of the 115 metre high visitor attraction, which will be run by the Olympic Park Legacy Company at the conclusion of the Games, while the London Development Agency is making up the shortfall.
As part of the deal, Locog confirmed they will benefit from the sale of tickets to visit the viewing platform of the tower around the Games, as well as being able to provide hospitality in the tower at Games-time. The tower is expected to be completed by May 2012.
“We’re excited about being associated with this great global sporting event and being able to showcase the versatility of steel at it,” said Mittal.
“I’m also personally pleased to be able to give a little something back with this initiative to London, which has been my home for many years.”
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