As revealed yesterday on insidethegames, Moscow has stepped in to host the event after the cash-strapped British Olympic Association (BOA) were forced to admit that they could not afford the £5 million ($8 million) it would cost to stage.

"The Association of National Olympic Committees recently informed the public of the impossibility for the British Olympic Association to organise next year, in agreement with tradition, the XVIII ANOC General Assembly in London, venue of the Games of the XXX Olympiad," a statement from ANOC said today.

"At the last Executive Council Meeting held in Acapulco in October of last year, the President of ANOC, taking into account the circumstances mentioned above, solicited from the members of said Council their understanding and support to take care himself of this situation so difficult to solve.

"Implementing this decision, he made very many approaches with the aim of finding the most adequate venue, offering the best advantages to host the XVIII General Assembly and the IInd World Olympic Sport Convention.

"ANOC considers appropriate to inform that subsequent to these efforts and to the enthusiastic support and strong collaboration from the Russian Olympic Committee, the XVIII General Assembly of the Association of National Olympic Committees and the IInd World Olympic Sport Convention will take place during the period from the 10th to the 18th of April 2012 in Moscow, capital city of the Russian Federation.

"ANOC expresses its most profound gratitude to the NOC of Russia for its solidarity and its decision to host such important events, which will undoubtedly lead to new steps that will consolidate the NOCs' firm support to the Olympic Games of London and strengthen their leadership within the Olympic Movement.

"ANOC invites all its member NOCs and the Governments of the whole world to prepare themselves from this moment to participate in the XVIII General Assembly and the IInd World Olympic Sport Convention, with the common objective of amplifying and strengthening their mutual collaboration for the benefit of sport, Olympism and the youth of the world."

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