That was the finding of international consultancy firm Arup, whose study into the feasibility of a London bid aided last week's decision by the UK government to rubberstamp the capital's candidacy to host the Games.
A telephone call from Tony Blair to Jacques Rogge, president of the International Olympic Committee (IOC), confirmed London's entry to a race that already involves Havana, Leipzig, Moscow, Madrid and New York. Paris and either Rio de Janeiro or Sao Paolo are expected to join in the coming weeks.
London's bid, expected to cost about £2.4bn, will be the UK's most significant attempt to host a sporting event since the World Cup of 1966 and the failed candidacy for the 2006 tournament. London last held the Olympic Games in 1948.
In addition to sponsorship cash, about £580m will accrue to London from broadcast agreements, £464m from ticketing, and Camelot, operator of the National Lottery until at least 2009, will also play a part with the launch of Olympic-themed scratchcard and TV-based games, raising a further £1.5bn.
But before marketers start plastering the Olympic Rings across their campaigns, they would do well to heed words of caution from the IOC and the British Olympic Association (BOA).
Under IOC guidelines - revised in part to avoid a repeat of the Salt Lake City scandal that led some of its global partners to threaten an end to their link with the Games - candidate cities are not able to use Olympic imagery unless they are a partner of the National Olympic Committee, in this case the BOA. This is to protect the rights of Olympics sponsors such as Coca-Cola, and Team GB partners Adidas, Rover and clothing brand Roots.
The bid process will unfold in earnest next January when applicant cities have to submit their reply to an IOC questionnaire. Five months later, applicants that have met IOC criteria will officially become candidates to host the Games.
Between June 2004 and March 2005, the IOC's Evaluation Commission will visit contenders, before reporting back to the IOC in May. A final decision will be made on July 6, 2005 at the 117th IOC Session in Singapore.
Despite fears that London's bid could be undermined by the political legacy of the Millennium Dome and the fiascos surrounding the funding of Wembley Stadium and Pickett's Lock, IOC communications director Giselle Davies said that the body welcomed London's bid.
"London has all the fundamentals - a strong economy, its heritage as the birthplace of sport, a strong political system - to put together a successful bid," Davies said.
As early as next month, responsibilities for negotiating commercial partnerships for the London bid will be transferred to the bid company being established.
Newspapers have tipped names from Saatchi & Saatchi Worldwide chief executive Kevin Roberts to Vodafone chief executive Christopher Gent as the executive to run it.
A marketing director is also likely to be appointed to work alongside the BOA to define the parameters in which commercial partners can work.
In an exclusive interview with Marketing earlier this week, BOA marketing director Marzena Bogdanowicz said it had already received expressions of interest from a number of British companies in associating their brands with London's bid.
"Our research shows 83% of the British public wants the Olympics to be held here, and it is important to realise the whole country, not just London, will benefit," she added.
So the stage for London's march toward Singapore in 2005 is set. The outcome of the bid company's efforts to bring the 2012 Olympics to the capital will undoubtedly define UK marketers' priorities for years to come - and the stakes could not be higher than that.
Leader, page 17.
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