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London was awarded the 2012 Olympic Games on Wednesday after the most bitterly fought bid battle in Olympic history. The London team overhauled long-time favourites Paris as well as Madrid, Moscow and New York to win the race to stage the lucrative sports extravaganza. International Olympic Committee President Jacques Rogge announced the winner at a globally televised ceremony after a day of presentations and deliberations at the IOC session in Singapore's Raffles City complex. The news was greeted by screams of joy from the London team. The 2008 Olympics will be held in Beijing.