Holding onto his laurels - PY Gerbeau, right, in the firing line from Stefan Szymanski

Entitled What Price Gold? the event was introduced by four-minute mile record breaker and Imperial alumnus, Sir Roger Bannister and chaired by Tanaka principal, Professor David Begg.

PY Gerbeau, former Millennium Dome chief and a London bid supporter, argued that the Olympics would regenerate east London, creating hundreds of new jobs as well as facilities which would be accessible to local communities for years to come.

Professor of economics, Stefan Szymanski, Tanaka business school, asserted that, given the obesity rate in Britain, the money needed for hosting the Olympics could be better spent improving sporting facilities across the country.

"There is little evidence that mega-events such as the Olympics produce the macro-economic benefits claimed for them," he said.

"It is a myth that the games will pay for themselves through economic stimulus; they place a huge burden on local taxpayers."

Guests, including representatives from London 2012, Sport UK, the British Paralympic Association, sports consultancies, students and alumni, were also treated to fencing displays and given the chance to try out the latest archery bows.

For more information on the Tanaka launch events season visit www.imperial.ac.uk/tanaka and click on the launch events link.