Anorak News | London’s Olympic Village Is Falling Down

London’s Olympic Village Is Falling Down

by | 25th, October 2008

THE credit crunch has knocked a huge hole into the financial bucket the London 2012 Olympic organisers were relying on to keep the games afloat.

There is NO extra cash available for the Olympic Village and a shamefaced Paymaster General and Olympics Minister Tessa Jowell may have front up a begging bowl committee crawl to the UK Treasury department to try and tap a £500m grant.

Just who the hell does she think she is …a banker?

Mind you she does have one useful contact, Tessa’s estranged (allegedly) husband David Mills has been known to raise a few bob. A former barrister and wheeler-dealer is our Davids Mills (no relation to {no Lady} Heather Mills); Italian Prime Ministers do not think very highly of him so there’s a plus.

The crisis leak comes not from London but once again Australia, The Age has just published this: “London Olympics organiser may have to tap a government contingency fund for 500 million pounds because they’ve been unable to raise from private sources since the collapse of credit markets.

“The Olympic Delivery Authority and Australian developer Lend Lease haven’t secured bank financing for the £1 billion Olympic Village, a 3,000-apartment complex where athletes will stay during the games, and a £400 million-pound broadcast centre to be built by a group led by Carillion.”

It is extra money probably never publicly declared as being needed for construction… worse..the amount isn’t final. A spokesman for Tessa Jowell,said: “The UK government, the delivery authority and developers are still negotiating with banks over possible funding for the village and broadcast centre.”

The 2012 Olympic Park is Europe’s largest public construction project, with a budget of £9.3 bn, The government is already forking out £95m.for the village so far.

It may very well be this London Olympics (which it has to be said is NOT universally supported by rural MPs) could bankrupt Britain and leave a bill larger than the compounded interest of the 1939-45 National Debt.
Perhaps Germany will give us a sub?


Posted: 25th, October 2008 | In: Reviews Comments (22) | TrackBack | Permalink