Unsupported browser

For a better experience please update your browser to its latest version.

Your browser appears to have cookies disabled. For the best experience of this website, please enable cookies in your browser

We'll assume we have your consent to use cookies, for example so you won't need to log in each time you visit our site.
Learn more

London Olympics Athletes' Village funding fears voiced

  • Comment
The Mayor of London’s Olympic advisers have raised fears over the funding for the Athletes' Village.

A report to be published today (18 June) by Mayor Boris Johnson’s office will highlight major concerns over the budget for the 2012 Games, which currently stands at £9.3 billion.

The report, by David Ross, co-founder of the Carphone Warehouse, states that the current economic climate, soaring construction costs, slowing demand for housing, and the lack of lending has meant that all major Olympic projects, particularly the £1 billion Athletes’ Village, have hit set-backs.

According to the report, developer Lend Lease ‘is currently having difficulty in both securing the private finance necessary to finalise the transaction and in determining what additional funding is required to make the project viable’.

It is also thought that the Olympic Stadium costs have jumped to £525 million from the last estimate of £496 million made in November last year.

Johnson is expected to give his response to the report later today.

  • Comment

Have your say

You must sign in to make a comment

Please remember that the submission of any material is governed by our Terms and Conditions and by submitting material you confirm your agreement to these Terms and Conditions.

Links may be included in your comments but HTML is not permitted.

Related Jobs

AJ Jobs