Olympics: Cost of Games £400m under budget, but grass-roots sport will not see a penny
The final bill for the London Olympics is expected to be more than £400m under budget, but the saving will not be spent either on helping pay for the Olympic Stadium's redevelopment or as a windfall for grass-roots sport.
The stadium's future is expected to be settled next month and West Ham United remain favourites to be granted a 99-year lease. The delay in deciding the preferred bidder surrounds the cost of transforming the £500m stadium. The original budget was £38m to help convert it from its current 80,000 capacity, but the conversion West Ham want would cost £160m and negotiations continue between the Premier League club and the London Legacy Development Corporation . In all, four bids are under consideration.
Hugh Robertson, the sports minister, yesterday suggested that none of the unspent budget – currently £377m – would be made available to pay for stadium costs or to help grass-roots sport, despite calls from the likes of the Sports and Recreation Alliance for extra funds so as to capitalise on the Olympic afterglow and help make a rise in participation a reality. Yesterday, Sebastian Coe attended a Cabinet meeting to stress the need not to let this opportunity slip.
The Government is already committed to spending £1bn over the next five years on improving facilities at grass-roots level.
The final cost of the London Games will not be known until the start of next year, but as it stands the overall cost is forecast at £8.921bn from a budget of £9.298bn. There is likely to be a further fall as more contingency funding is returned with remaining contracts being wound up and the Olympic Village being prepared for handover.
Discussions also continue between Locog and G4S over the amount the firm will pay following the security fiasco.
Mr Robertson described the current estimate as "prudent". He said: "The £377m figure is conservative because there are lumps of contingency that are still attached to the outstanding work. The central expectation has to be in line with the rest of the project that not all of that will be needed. It is entirely reasonable to expect that figure to rise."
The spread betting firms are very slow about pricing up this game and you can understand why. All th...
by Gareth Purnell
20 June 2013 02:01 AM
The Prince of Wales Stakes today is regarded by many as the No1 race of the Royal Ascot meeting and ...
by Gareth Purnell
19 June 2013 02:01 AM
Today’s St James Palace looks a cracker and there has been sustained money for Dawn Approach since t...
by Gareth Purnell
18 June 2013 02:01 AM
Jamie Carragher can see why Luis Suarez wants move to Real Madrid
ACT Brumbies v British and Irish Lions - player ratings
Mike Ashley wants blood after last season's trauma at Newcastle - and it won't stop with Derek Llambias
Exclusive: Newcastle's star talent-spotter on brink as Joe Kinnear sparks walkout
Exclusive: Cristiano Ronaldo advised to stay at Real Madrid for further 18 months before making possible switch to Manchester United
- 1 Bankers could face jail after report urges the Government to introduce new criminal offence for reckless management
- 2 Breaking the Silence: In the reality of occupation, there are no Palestinian civilians – only potential terrorists
- 3 Richard Nieuwenhuizen death: Six teenagers and 50-year-old father convicted of manslaughter in shocking case of referee killed over a game of football
- 4 Exclusive: Newcastle's star talent-spotter on brink as Joe Kinnear sparks walkout
- 5 Vast methane 'plumes' seen in Arctic ocean as sea ice retreats