Of the £9.325 billion in the public sector funding package that was announced in March 2007 for the 2012 London Olympic Games, £2.7 billion was marked as a contingency fund. However with a scarcity of credit in the economic downturn, the contingency fund has been put under scrutiny, particularly in light of the ongoing address of security. As these figures from last month’s London 2012 Olympic and Paralympic Games Annual Report show, with just under 4 years to go until the start of the Games in September 2008, 21 per cent had been spent.
In the report, the Government admitted the projected bill for the Olympic stadium rose by £43m to £547m during 2008 due to the credit crunch and structural changes to the roof. By saving £193 million (largely due to a projected under-spend on transportation projects), in addition to £63 million of savings already made, organisers believe they can afford to spend extra by not absorbing too much more into the contingency fund.
Source: London 2012 Olympic and Paralympic Games Annual Report January 2009
FRANK UIJLENBROEK WORLDSPORTPICS