In all seriousness though, children should find the colors and "highlighter" background to be colorful and animated. The designer hit the mark -- but it's not really all that difficult to please children. The difficulty is to please children and please the adult crowd at the same time. Personally, I don't think a logo is what should be getting children excited, it should be the emotions surrounding the event(s). That of pride, competition, true strength, and unity. If properly conveyed through the adults around the children, it would induce similar effects to the children. However, a brightly colored blinding logo is definitely easier.
Worth £400,000 for a brand? Remembering the Conservative tree logo was £40,000 I wouldn't expect that to have been any more! I don't see why we need to embarrass ourselves and add to the rise in taxes for Londoners! It's not British, it's not traditional, I could have done better.
Why even bother changing it from the following!

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