As predicted by insidethegames more than a year ago, however, an exceptional gain related to the sale of the body’s former headquarters in Wandsworth, south-west London, enabled it to report a post-tax profit of more than £550,000 ($863,390) after losses of a cumulative £2.84 million ($4.45 million) in the previous two years.

Though overall employee costs fell in 2009 from £4.4 million ($6.9 million) to £4.2 million ($6.5 million), reflecting a decline in average employees from 60 to 57, these figures include restructuring payments to employees of £93,658 ($147,080)  last year and £623,744 ($979,527) in 2008.

Once these are stripped out, remaining employee costs rose from £3.77 million ($5.91 million) in 2008 to £4.11 million ($6.45 million) last year.

Taking into account the fall in headcount, this means the cost per employee, including wages/salary and social security, pension fund and other costs, climbed nearly 15 per cent from £62,853.50 ($98,742.84) in 2008 to £72,041 ($113,190)  last year, in spite of the climate of austerity afflicting the country at large.

Further increases look to be in prospect, with the website of executive search firm Odgers Berndtson displaying at least four more prominent BOA postings, including Director of Business Development.

In an exclusive interview with insidethegames, Andy Hunt, the BOA's chief executive, said the body had to "upskill" and "scale" itself to seize the opportunity presented by the London 2012 Olympics.

Hunt said: "In getting the right mix of skills for the appropriate roles, some new hires are obviously more expensive than some former employees that we had.

"But the essence of this is around the fact that to be a host nation NOC (National Olympic Committee), we have to upskill ourselves and to scale ourselves in order to meet the demands that are upon us, to seize the opportunity, which is a once-in-a-generation opportunity, be that in terms of supporting Team GB pre- and at the Games, but also making sure that we are in the best possible position financially, having maximised the post-2012 rights opportunity.

"That isn’t something you start post the Games when the rights revert back to us from LOCOG.

"That’s something you do now.

"To make sure we’re in the best possible financial position, actually we need to be out there now negotiating all of our post-2012 rights deals."

Hunt said the investment in staff would not push the body back into the red in 2010.

"We are on target to break even or better this year," he said.

To read the full interview with Andy Hunt click here.

Contact the writer of this story at [email protected].