The IOC's co-ordination commission chairman Denis Oswald (pictured here with London 2012 chairman Sebastian Coe) delivered a report at the end of a three-day visit which could hardly have been more glowing.

 

Oswald told a news conference: "The IOC have been very impressed with what we have seen this week. There is an excellent team in place who work together with real spirit.

 

"Operationally and financially they are on track and on time.

 

"In addition the interest from the business community is very high and this is reflected in the sponsorship contracts which have been concluded - and with key new commercial partners signing up in the coming months.

 

"To know there is a strong popular sport for the Games among the local population is also very important for the IOC.

 

"The vision outlined in Singapore is still there."

 

Oswald also gave his wholehearted backing for the logo unveiled by the London organising committee (LOCOG) last week that led to a storm of criticism.

 

Prime Minister Tony Blair added to the debate today saying it was either "brilliant or awful - but which it is I'm hopeless at telling these things."

 

Oswald said: "I love it. It's very simple, we had a presentation about two months ago before it became public.

 

"When I came back I phoned the IOC president to report and the first thing I told him is they have a fantastic logo, very young, very dynamic with flexibility about how it can be used.

 

"It reflects what London wants to do with the Games in 2012."