Submitted by mstar on 14 January, 2009 - 18:14
Posted in
Nortel, a £50 million sponsor for the 2012 Olympic Games in London, filed for bankruptcy protection in the United States today.
Another sponsor Lloyds TSB will soon have HM Government as its main shareholder so its promised sponsorship will mainly come from state funds.
As time goes by the costs for the Olympics keeps rising and the sources of funds from other than the profligate UK government continue to dry up.