Cisco replaces Nortel as London Olympics sponsor

Cisco Systems Inc. was named Friday as the technology sponsor of the 2012 summer Olympics in London, replacing bankrupt Nortel Networks Corp.

The switch will cost the games an estimated $19.4 million in lost revenue because San Jose-based Cisco (NASDAQ:CSCO) is coming in as a "tier two" sponsor and Nortel had been a "tier one" sponsor.
The switch was made because Nortel could no longer provide the network infrastructure it had promised, organizers said.
California-based Cisco will fulfill all of Nortel's obligations, but London organizers estimate that it will provide about $20 million less in cash.
The organizers have so far raised about $810 million from 20 sponsors, short of their ultimate target of getting between $1.05 billion and $1.13 billion.

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