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London meets sponsorship goal with Westfield deal

London meets sponsorship goal with Westfield deal

London Olympic organizers say they have reached their domestic sponsorship target of 700 million pounds ($1.1 billion) after signing up Westfield as the official shopping center of the 2012 Games.
Westfield becomes the 44th domestic sponsor of the games. Organizers say the company will be a tier-three sponsor, a status that usually sells for about 10 million pounds ($16 million).
The deal was announced less than a week before Westfield opens a giant shopping center on the edge of the Olympic Park in east London. The 1.9-million-square-foot (175,000-square-meter) facility is billed as the largest urban mall in Europe.
Organizers say the deal takes them past the 700-million-pound ($1.1 billion) mark in domestic sponsorship revenues. The target was to raise between 650 million ($1 billion) and 700 million pounds ($1.1 billion).