BMW Partnership with London 2012

German carmaker BMW became the latest Tier One partner for the London Olympics on Wednesday, joining an impressive list of major companies already signed up by the 2012 organising committee (LOCOG).

The deal is worth about 30 million pounds ($50.50 million) to LOCOG, mostly in the form of services provided by BMW who will supply 4,000 vehicles to transport athletes, officials and media during the Games and the Paralympics.

"Operationally, an automotive deal is vital for any organising committee and so I'm thrilled BMW is on board," LOCOG chairman Sebastian Coe said in a statement.

"They share our vision to stage a sustainable Games in 2012 and will be a valued partner. On a commercial level, signing another Tier One Partner in this challenging environment is a fantastic achievement but it goes to show the inspirational power of the Olympic Games and Paralympic Games."

BMW, which makes iconic British cars such as the Rolls Royce and Mini, is also a sustainability partner and will provide low emission vehicles, electric cars, bicycles and motorbikes, as London aims to become the greenest Olympics ever staged. The German company is the seventh Tier One partner to be signed up as LOCOG moves towards its target of 650 million pounds in private investment.

The rest of the two billion pound budget for running the Games will come from merchandising, ticket sales, the International Olympic Committee and television rights. The other Tier One partners are adidas, BP, British Airways, BT, EDF and Lloyds TSB. Tier Two partners include Cadbury and Thomas Cook.

LOCOG has managed to attract major sponsorship despite the harsh economic climate but the Olympic Delivery Authority, which is responsible for building the venues, has struggled to fund some of the projects and has required extra government funding.