Around half of the increase of around 10 per cent is due to inflation caused by rising energy costs following the Russian invasion of Ukraine.

Paris 2024 President Tony Estanguet, who had said earlier that the budget was likely to go up by around 10 per cent, told a virtual press briefing that he will be submitting the revised figures to the Games’ Board of Directors on December 12.

He added: "The good news is that Paris 2024 will submit a balanced budget."

Other elements of the rise in the third budget revision are down to increased expenses.

The combined cost of the Opening and Closing Ceremonies for the Olympics and Paralympics will rise from €100 million (£86 million/$105 million) to €130 million (£111 million/$137 million), with the Olympic Opening Ceremony planned for the banks of the Seine on July 26 due to account for around €100 million.

Funding for security and cybersecurity has also been increased by an additional €40 million (£34 million/$42 million) in total to €320 million (£275 million/$337 million).

The Organising Committee has announced that ticketing revenue will be up on its forecast of €1.265 million (£1.8 million/$1.33 million) by €143 million (£122.5 million/$151 million).

"It's possible, because we have a very detailed knowledge of all the projections now that the map of the sites is finalised," L’Equipe reported an official as saying, adding that after work with the International Olympic Committee the number of seats for spectators had been increased by reducing the number of seats for officials and the media.

Estanguet said the State and local authorities will provide an additional €71 million (£61 million/$75 million) for the Paralympic Games, bringing the share of public funding in the overall budget to €171 million (£147 million/$180 million), an increase from three per cent to four per cent.

At the same time, Paris 2024 had to "hunt for savings in all directions", Estanguet said.

The opening date of the Olympic Village has been postponed by four days, to July 18, and the event venues will open seven days before the first session and not when the Athletes' Village opens, as originally planned.

Savings of €25 million (£21.5 million/$26 million) were also made by maintaining a single back-up energy supply system for the sites.

And the movement of spectators by public transport to the sites, in partnership with Île-de-France Mobilité, will not be free as initially planned, allowing Paris 2024 to save €45 million (£38.5 million/$47.5 million).

In the search for additional sponsors, Le Monde reported, the projected returns have risen from €1.1 billion (£940 million/$1.16 billion) from domestic partnerships to nearly €1.23 billion (£1.05 billion/$1.30 billion).

"We are confident in our ability to exceed 90 per cent of our final objective with the arrival of around ten partners in the weeks to come," Estanguet added.