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During this first interim Board meeting, LOCOG was formally established as the organisation that will plan and stage the 2012 Olympic and Paralympic Games. Commenting on the meeting, Lord COE, the Chairman of LOCOG, said, 'The first Board meeting is always a significant event for a new host city and we are delighted that we have been able to hold this meeting in the earliest stages of preparations for the London Games.'

The interim Board of London 2012 is made up of members of several stakeholder groups: Lord Sebastian COE (Chairman), Keith MILLS (LOCOG CEO) and Neil WOOD (LOCOG Finance Director); British IOC members Craig REEDIE, Sir Philip CRAVEN and HRH The Princess Royal; British Olympic Association and British Paralympic Association representatives Simon CLEGG and Mike BRACE; local government representatives Neale COLEMAN (Greater London Authority), Mary REILLY (London Development Agency) and Howard BERNSTEIN (Manchester City Council); and Patrick CARTER (Sport England) and Jonathan EDWARDS (athlete representative).

During the Board meeting, LOCOG also agreed on the terms and conditions for the lease of new office space in Canary Wharf, close to the site of the Olympic Park. LOCOG will share these offices with the Olympic Delivery Authority (ODA), which is responsible for the planning and construction of new venues and other Games-related infrastructure.

LOCOG Chairman Lord Coe also welcomed a GBP 50 million three-year funding agreement, which will form the basis of the Organising Committee's operating budget in the early stages of its operations.