BOA in bitter row over London 2012 profits

Lord Moynihan will remain a London 2012 director (GETTY IMAGES)

An astonishing row over money has broken out between London 2012 organisers (LOCOG) and the British Olympic Association. The dispute has escalated to the point where London 2012 chiefs yesterday launched an attack on the BOA leadership, claiming it was abandoning the original vision of staging the Olympic and Paralympics as "one festival of sport".

The IOC will now rule on the row, which centres on the cut the BOA would receive from any surplus cash from the Games. The BOA is due to receive 20 per cent, but claims the cost of staging the Paralympics should not be taken into account when calculating the surplus.

Although the BOA has already secured an extra £6m on top of the original £27.6m, it now has its eyes on any surplus. LOCOG, whose initial target is just to break even on the cost of staging the Games, said: "It is sad that this vision is now disputed by the new leadership [chairman Lord Moynihan and chief executive Andy Hunt] of the BOA."

A BOA statement read: "This is about protecting the future for athletes, for sport and for our national governing bodies."