SiliconBeat

Cisco Systems, which hopes to grab a share of the sports industry business by providing network technology to stadiums, has signed up to be a sponsor of the 2012 Games.
London Olympic officials announced on today that the San Jose networking giant will replace bankrupt Canadian technology sponsor Nortel Networks. Nortel, as a “tier one” sponsor, had committed $65 million in cash and services. Cisco, on the other hand, will be a “tier two” provider, which means the company will kick in about $20 million less, according to organizers, the Associated Press reported.
“We continue on a path to deliver the most connected Games possible. We part with Nortel on good terms,” London 2012 CEO Paul Deighton said in a statement. “Nortel acknowledges our fixed deadlines and our desire to have a single supplier for our entire network infrastructure have been impacted by Nortel’s decision to move towards standalone businesses. This is in no way a reflection of their capabilities — this is all about meeting our fixed deadlines.“
Organizers hope to raise as much as $1.13 billion in sponsorships. So far, it has commitments of nearly $810 million.