Extra £500m added to bill for London Olympics
Taxpayers could be hit with an additional £500million bill for the London Olympics, it was revealed today. The extra cash will be needed to convert the Olympic park and its sports venues after the 2012 Games.
Baroness Ford, chief of the Olympic Park Legacy Company, today said that the costs were not covered under the existing £9.3billion budget. She told the culture, media and sport select committee that the funding may come from central government, the Department for Communities and Local Government, City Hall, or a combination of the three.
Lady Ford said: “The £350 million (fund) is sometimes mistakenly called the legacy budget but that is a misconception because it is largely to discharge planning obligations. Quite a lot of things are out of the scope of that. To get the park properly up and running is quite a lot of money.”