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Sebastian Coe revealed a sponsorship agreement with Lloyds TSB, believed to be in the region of £80m, which will make them a 'tier one' partner.

The money from the sponsorship will go towards the running costs of the Games.

LOCOG's budget of £2bn is separate to the growing costs of the government's controversial building budget.

"It's a big moment in the life of a host city," said Coe.

"Winning it is pretty important, but there are fewer bigger moments in the lead-up to the opening ceremony than bringing your first partner to the table.

"We are delighted. We have to raise a lot of money to stage an Olympic Games, from a number of revenue streams, and bringing in business partners who share our vision for the Games is very important for a privately-financed organisation.

"It is very important that we hit our targets and that we do it with partners who really understand what this whole project is about and we couldn't want for a better partner on the road to 2012."

Around a third of LOCOG's income will come from the International Olympic Committee, via their television and sponsorship deals, and London will have close to £750m from their own partnership deals.

Coe said up to 10 'tier one' partners will be appointed from the telecommunications, car, airline and utility/fuel industries, which should raise between £400m-£500m, with the difference being made up by the 'tier two' partners.

London 2012 will aim to raise the rest of their necessary income from ticket sales and merchandising.