The BT Tower in London had fireworks to mark the milestone

London 2012 chief Lord Coe says the city's Olympic preparations are ahead of schedule with 1000 days to go.

Saturday was the latest milestone in the countdown to the Games, and Coe said: "We are exactly where we would want to be, if not a little bit ahead.

"We have a lot of hard work to do, but we are closing in and we're excited."

To mark 1000 days, London's BT Tower was lit up with a fireworks display, while a huge screen started the countdown to the opening ceremony.

The spectacular pyrotechnics were shown live on The National Lottery Draw Show on BBC One.

National Lottery players will contribute almost £2.2bn to the funding of the Olympic and Paralympic Games, £750m of which will come from sales of specially designated lottery games.

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Other sponsors and licensees will also be celebrating the event, with British Airways pilots flying into London welcoming passengers with a message about the landmark.

Meanwhile, official London 2012 licensed toys have gone on sale while the Royal Mail's first set of 2012 stamps are now available.

And instructors and young sailors based at the Weymouth and Portland National Sailing Academy have marked the 1000 days milestone by sailing past Durdle Door, Dorset in London 2012 branded Laser sailing boats.

Organisers have regularly denied the global recession will hinder Britain's ability to deliver on the promises it made when it won the right to host the Games four years ago.

And Lord Coe added: "If you look at the money raised to stage the Games in a difficult economic climate, we are in great shape."

Questions remain over a suitable venue for badminton and rhythmic gymnastics, but Coe remains optimistic about delivering a world-class Games and leaving a legacy which inspires the next generation of sportspeople.

"I want to see a legacy in every form of sports participation," he added. "I want to see more young people involved in sport.

"I want to see more young people doing things they wouldn't normally have thought about doing - and, of course, I want London to leave world-class venues not just for athletes but for our young future competitors as well.

"I also want to see a change in the public's attitude towards disability sports - and I think we can do that through the extraordinary performance of our Paralympic teams."

Coe added: "I'm actually delighted that sport was the catalyst to kick off re-generation.

"Seventy five pence in every pound in the Olympic Park is about the re-development of east london."

International Olympic Committee president Jacques Rogge has declared himself happy with Britain's progress.

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"The people involved in London 2012 have so far done a magnificent job in preparing for the Games," he said.

"Whether volunteers, senior officials or ordinary people in the street, who support the Games and their local athletes, they are all helping to ensure that London 2012 will be a great success."

And Olympics Minister Tessa Jowell added: "With 1,000 days to go we want to celebrate the men and women outside the spotlight who are making the Games a reality.

"The construction workers building the venues, the teachers delivering the "Get Set" programme or the youth ambassadors spreading the word about London 2012.

"We all owe them thanks as they will be every bit as important to our Games as the medal winners."

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