Well, at least I certainly hope it is a joke. The head of the Iranian Olympic Committee has complained that the new logo is "racist" because it in fact spells the word "zion". Indeed there are already many crackpot videos out with this new "conspiracy theory".
I have no idea who or what came up with this creation, but I did read that emblem has reportedly cost 400,000 pounds (nearly 650,000 US dollars!) The jagged shapes are supposed to be numerals representing 2012, with the zero containing the symbolic Olympic Rings. OK, I see the rings, but the numbers...maybe with some meditation.
Why do I call it a Joke? Seriously, anyone who paid out $650,000 for something that ugly looking and that requires an explanation to even know what it is supposed to represent must be trying to pull one of the biggest knee-slappers of all time. People are struggling to put food on the table and clothe their kids--one would think that if they had to see their tax dollars go into a "logo" it would at least look--well--like what it was representing!
I'd be willing to bet any elementary school art class could come up with something better--Now there's an idea--run a kids contest, (get a decent logo) and give the winning class tickets to the opening. Much better.
As for the "zion" thing--my imagination just isn't so good I guess, but, nice try Iran!