Ticket agencies doing well on London games

July 8, 2011 at 10:41 PM
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LONDON, July 8 (UPI) -- Three agencies are expected to make tens of millions of dollars reselling tickets to the hottest events at the 2012 Summer Olympics in London, organizers said.

Thomas Cook, Jet Set Sports and Prestige Tickets paid a total of 40 million pounds ($65 million) plus the face value of the tickets, The Daily Telegraph reported. A set of 10 tickets to the final of the men's 100-meter dash is now going for 270,000 pounds ($435,000).

The London Organizing Committee of the Olympic Games and Paralympic Games sold the three agencies 350,000 tickets almost two years ago. The deal reduced the committee's risk of having expensive tickets still on its hands but also cut its potential profits.

LOCOG reported to the International Olympic Committee in Durban, South Africa, that ticket sales are strong and it expects the games to pay for themselves.

Thomas Cook paid 25 million pounds ($40 million) for the rights to 200,000 tickets. Prestige, which offers hospitality at the Olympics, and Jet Set, which is marketing hotel and ticket packages, got 80,000 each for a total of 15 million pounds ($24 million).

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