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Olympic costs rise - yet again.The estimated cost of the main stadium for the 2012 Games has hit £525m, the mayor's Olympics watchdog has revealed. A review of London's preparations for the games found the figure for the 80,000-seat stadium in Stratford, east London, had jumped £29m since November. But the report by business tycoon David Ross noted the increased costs had been offset by savings elsewhere, leaving an increase in projected costs of £16m. The stadium was originally priced at £280m in London's 2005 bid document. The price of this fiasco has virtually doubled in three years - who was responsible for the original laughably low estimate? Surely it is about time the people involved in the original cost quotes were surcharged to start making up the shortfall, and those that made the bid should be charged with the job of raising the necessary funds with no more drain on public or lottery monies. And so it goes on and gets worse!!!
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Olympics 2012: National Audit Office warns of cost over-run
The £9.3 billion budget for the London Olympics could significantly overrun due to a series of "formidable" challenges facing the organisers, the public spending watchdog warns today. The National Audit Office (NAO) says security costs, the uncertainty over the financing of the Olympic Village and a lack of a coherent plan for the legacy of the Olympic venues all threaten to destabilise the financial plan.
Its report has prompted warnings that the official budget for the games could ultimately be "blown out of the water".
In the document, the NAO urges the Olympic Delivery Authority (ODA), one of the organisations responsible for staging the event, to "hold a firm line" as it faces "formidable" challenges that threaten to send the budget beyond £10 billion.
Expensive
Now each seat will cost £6,500. Or £450 for each day of the event. I wonder how much the tickets will be sold for? Or will they be giving them away to children hanging around in the neighbourhood?
Costs
There is no way the income will go anywhere near defraying more than a minimal part of the costs. This is another white elephant of Dome proportions coming up!!