LONDON - The British Olympic Association made a loss last year for the second straight year and required a bailout by the Organising Committee for the London 2012 Games (LOCOG), the BBC reported on Wednesday.

According to the BBC, which noted payments of more than half a million dollars on consultants, LOCOG injected two million pounds (S$4.76 million) to tide over the BOA, which later Wednesday was holding an annual general meeting presided by chairman Lord Moynihan.

The BBC quoted Lord Moynihan as having described the BOA's 2008 financial showing as "challenging" following a loss of 1.5 million pounds, following on from a loss of 1.3 million in 2007.

According to the BBC: "If the organisation continues to lose money at this rate it could be bankrupt by 2012."

The BOA was at its meeting set to announce it is moving from its now sold headquarters in south west London to a rented property in the centre of the capital.

LOCOG has yet to comment, judging the matter of the BOA's financial health as one for that body.

The BBC quoted BOA chief executive Andy Hunt as saying the body's culture has in the past year become "more dynamic and modern, its strategy has become clearer, and it is better placed to cope with the tough financial environment.

Lst April the IOC's inspection commission reported back that it was satisfied with the preparations for 2012, issuing a glowing report which backed Britain's ability to fund a 9.3 billion pounds jamboree despite Britain being in the teeth of its worst recession in six decades.

LOCOG expects to raise two billion pounds from private sector sponsorship, broadcasting rights and Games-related merchandise.