The BOA are due 20 per cent of any surplus after the Games but have claimed that the cost of staging the Paralympics should not be taken into account when calculating that surplus as they feel it would decrease the figure they receive.

The International Olympic Committee (IOC), who are contracted to have the final say on the matter, ruled against the BOA who have temporarily suspended their decision to take the row to the Court of Arbitration for Sport (CAS) and have decided to reopen talks with London 2012 following widespread opposition to their actions both internationally and domestically.

The IPC stayed out of the row for a long period of time but Sir Philip explained it escalated to a point where his organisation could stay quiet no longer.

"The IPC obviously kept out of the BOA and London 2012 row for a long time simply because it wasn't something that we felt we needed to get involved in," Sir Philip told insidethegames.

"It was a dispute between the BOA and London 2012 so we wanted to stay out of it.

"But it eventually came to a point we needed to set the record straight about the financial power of the Paralympics.

"As the row went on, it was being widely assumed the London 2012 Paralympics would make a financial loss so at the end of last month, my chief executive Xavier Gonzalez issued a statement explaining clearly that the Paralympic Games would more than cover its costs.

"The aim was simply to clear up any misconceptions."

Sir Philip, who is also an IOC member as well as a member of the London 2012 Board, added that he was proud to see the IOC and London 2012 back the Paralympic Games as one integrated festival of sport during the row but stated that he never expected anything else to happen.

"It has been contracted for a very long period of time that there will be an integrated Olympic and Paralympic Games, underpinned by a single budget," Sir Philip explained.

"So from that point of view, the fact that any disagreement emerged is strange and that was obviously the view of the IOC and of London 2012.

"Am I proud to see the way that the IOC and London 2012 backed this vision during the row?

"Speaking as the IPC President, yes of course I am very proud.

"But that is what good partners do.

"The IOC, the IPC and London 2012 are all fantastic partners and we all back each other.

"From the IPC point of view, we just wanted to make it clear the London 2012 Paralympics are not going to make a financial loss and I think we made that point well.

"I'm now looking forward to a quick resolution in this argument as we all need to start looking ahead to the London 2012 Olympic and Paralympic Games themselves as they are undoubtedly going to be one of the most amazing sporting spectacles ever witnessed."

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