London 2012 budget "worringly tight" warns Parliamentary Committee
A Parliamentary Committee report published today has warned the £9.325 billion ($14.069 billion) budget for the London 2012 Olympics and Paralympics is "tight" with only £194 million ($293 million) available to cover any new risks in the build-up to the Games and has cast doubt over whether £400 million ($603 million) can be raised in ticket sales.
The Committee of Public Accounts (PAC) reported that building work is on schedule for test events to begin next year but had fears that the project could still be hit by unforeseen problems.
The Olympic Delivery Authority (ODA), which is in charge of Olympic build and infrastructure, has £1,270 million ($1,916 million) left from the original £2,747 million ($4,145 million) contingency. Much of this is earmarked to meet predicted risks, leaving only £194 million ($293 million) "headroom," the PAC found.