After the elation of winning the right to host the Olympics, the hard work has now begun to make sure London stages a successful Games in 2012.
So, what will Lord Coe and his team be doing in the coming weeks and months?
Overall control of 2012 matters will be in the hands of the four members of a powerful Olympic board.
They are bid mastermind Coe, Olympics minister Tessa Jowell, London mayor Ken Livingstone and the new British Olympic Association (BOA) chairman Lord Moynihan.
Responsibility for making the Games happen will rest with the London Organising Committee for the Olympic Games (LOCOG), which is to be chaired by Coe.
THE ORGANISING COMMITTEE
Committee known as LOCOG
Chairman: Lord Coe
Deputy chairman: Keith Mills
IOC members Princess Anne, Craig Reedie and Phil Craven
New British Olympic Association chairman Lord Moynihan
BOA chief exec Simon Clegg
A government representative
London mayor's representative
Athletes' representative: Jonathan Edwards
British Paralympic Association's Mike Brace
Chief executive, finance director and
company secretary. Two non-exec directors appointed by Coe
Its 16-strong board will include Britain's three IOC members, BOA top brass, national and local government, a Paralympic representative and former athlete Jonathan Edwards.
The key position still to be filled is that of LOCOG chief executive, with headhunters looking to make sure he or she is in place by the end of the year.
Manchester Commonwealth Games supremo Frances Done, London Marathon chief executive Nick Bitel and Sydney 2000 organising chief Jim Sloman are possible candidates.
Security was a key issue even before the recent London bombings, and Home Secretary Charles Clarke will chair an Olympic security committee.
An Olympics Bill to set up the structures and safeguards London needs to deliver the Games is being accelerated through Parliament and should be passed by early next year.
Its main provision is the Olympic Delivery Authority (ODA), a public sector body which will control work on venues, the athletes' village and transport infrastructure and work closely with LOCOG.
The ODA will have the power to acquire the remaining 20% of the land needed for the Olympic Park, as some local businesses are refusing to accept the terms on offer.
It will also be able to prosecute ticket touts, remove non-official adverts and crack down on street trading near Olympic venues.
The London Development Agency - an organisation set up by the mayor to promote economic growth - and Transport for London will begin preparation work until the ODA is set up.
A new Olympic lottery will provide £1.5bn towards the £2.375bn cost of funding the Games, and scratchcards have already been launched.
The planned council tax increase (38p a week for Band D houses), which will raise a further £625m, will not kick in until next April.
A further £250m will come from the LDA.
The main focus of 2012 building work will be the Olympic Park in Stratford in east London.
Construction companies are competing for contracts, and there will be enough work to keep many of them busy for most of the next seven years.
The site for the Aquatics Centre is already being cleared, and the design for the track cycling and BMX 'Velopark' is being finalised.
LONDON 2012 TIMELINE
2005: 60% of venues are already in place
2006: New Wembley opens
2007: Channel Tunnel rail link to Stratford ready
2008: Aquatics Centre and Velopark finished
2009: World Gymnastics Championships staged at O2 Arena
2010: East London Line extension finished
2011: Olympic Stadium ready for test events. Heathrow's new Terminal Five completed
2012: Games staged from 27 July-12 August
The Hockey Centre will come next, and preparations on the canoe/kayak slalom centre at Broxbourne in Hertfordshire will start within the next 18 months.
Work on the £250m Olympic stadium itself will not begin until 2008 and, while the general concept used in the bid book is unlikely to change drastically, architects will be invited to tender for the final design brief.
Completion dates have been staggered, with the Aquatics Centre due to be finished by 2009, the Velopark by 2010 and the main stadium by 2011 in time for test events in the run-up to the Games.
ANY OTHER BUSINESS
The award of the Games to London has already sparked a frenzy of interest from potential sponsors and suppliers, and the companies who backed the bid will not necessarily stay involved as their contracts have ended.
On the personnel front, about 50 London 2012 staff will remain for the transitional period from bid team to LOCOG, but they will ultimately have to reapply for their jobs.
LOCOG and the ODA will come together under one roof in offices at Canary Wharf.
The hunt for volunteers to help at the Games is going well, with 17,000 of the required 70,000 total recruited within a week of winning the vote in Singapore.
And the battle to produce British 2012 medallists begins now, with sports stars preparing to visit schools and Olympic themes set to feature heavily in the national curriculum.