February 16, 2011

2012 London Olympics within budget despite rising costs

LONDON

The cost of building the venues for the 2012 London Games has increased slightly but the overall Olympic program remains on time and within budget, a government report said Feb. 14.

The projected cost of the construction program run by the Olympic Delivery Authority went up by 69 million pounds (US$110 million) over the past quarter, mainly due to additional funding for operations of the Olympic Park complex in east London, the Department for Culture, Media and Sport said.

The total projected cost of the ODA program is now 7.301 billion pounds ($11.68 billion), while the overall public sector budget for the Olympics remains at 9.298 billion pounds ($14.87 billion). The report said 79 per cent of the Olympic venue construction is complete.

The velodrome — venue for the track cycling events — is on course to be the first Olympic Park venue completed this month. The 80,000-seat Olympic Stadium is scheduled to be finished this summer.

“We remain on schedule and within budget as we push ahead into the final year of construction,” ODA chief executive Dennis Hone said.

Associated Press

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