Sharma to launch $500m London hedge fund - Financial Times Sharma to launch $500m London hedge fund - Financial Times
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Sharma to launch $500m London hedge fund - Financial Times

Sharma to launch $500m London hedge fund - Financial Times

June 17, 2012 1:39 pm



London 2012 Olympics: new Games ticket resale scandal is old problem - Daily Telegraph

But the NOCs often hold back significant swathes of tickets for their own use, to sell to sponsors, provide to athletes families or, in some cases, to earn some cash under the table by selling on to others at highly inflated prices.

They are able to do this because the numbers of tickets made available to each national Olympic committee is never made public. In the past some authorised ticket resellers who have the rights to sell tickets in multiple countries have boasted of being able to surreptitiously swap tickets between countries. So countries with a strong interest in one sport can get tickets allocated to another country.

Only last month did Volodymyr Gerashchenko, the 66-year-old general secretary of Ukraine National Olympic Committee, step down after he was secretly filmed by a BBC investigation team offering to sell up to one hundred tickets worth thousands of pounds for events at the Games.

Locog chief executive Paul Deighton has also been strict about the clear lines of demarcation between authorised ticket sellers who are also official hospitality providers. Technically pools of tickets for one particular client group shouldn't be mixed with tickets for a different group. Nor should hotels or extras be added to ticket sales to artificially inflate prices.

But the wheeling and dealing of tickets around the globe occurs under the cloak of commercial confidentiality. Both Locog and the IOC refuse to release details as to how many tickets each national Olympic committee receives.

Nor do they release how many tickets the hospitality providers have purchased. If they did, buyers in each country would have a fairer idea of the ticket process. The method of calculating each country's allocation would also be scrutinised. But as we have seen with the refusal of Locog to even reveal how many tickets have been available at each session to the UK public, transparency and accountability are not high on the list of priorities.


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