Sponsors pull out of London 2012

The failure of these global companies – including Kodak, which has backed the Olympics since they were revived in 1896 – to extend their sponsorship is a serious blow for London as it seeks finance for 2012.

Manulife, the Canadian financial services company, is among those ending its sponsorship, along with the Chinese computer group Lenovo. Johnson & Johnson is also expected to announce shortly that it is cutting its Olympic spending.

The International Olympic Committee has 12 "worldwide partners" in different businesses and most continue from one set of Games to the next.

These top sponsors pay up to £50m each, with organisers of London's 2012 Games receiving a large part of that money. London is also separately recruiting national sponsors, including Lloyds TSB, BT, and British Airways. It had hoped to secure all its sponsors before the Beijing Games close today, but is only about halfway to its £650m target. Some marketing experts say it is asking too much, especially with a recession looming.