It was jointly established by the UK Government's Department for Culture, Media and Sport, the Mayor of London and the British Olympic Association and was structured as a private company limited by guarantee.

[1] LOCOG worked closely with the publicly funded Olympic Delivery Authority (ODA), which is responsible for the planning and construction of new venues and infrastructure.

On 30 May 2013, it handed back to the government, Britain's Olympic committee and other beneficiaries a surplus of £30 million from the 2012 Games.

LOCOG was officially designated as the organisers of the Games at its first board meeting on 7 October 2005.

The board members were:[3] Members of the IOC from the host country are required by IOC rules to be on the organising committee board, as well as representatives of the host Olympic association and Paralympic association.