MPs have accused 2012 Olympic organisers of "willing to spend money like water", as costs continue to spiral out of control in a scathing committee report.

Confidence in management is damaged after the budget has tripled from £3.4billion to £9.3bn, says the Culture, Media and Sport Committee. It's the second parliamentary scrutiny body in a week to round on London's Olympic bosses. Earlier a public accounts committee said organisers were in "dreamland" and conducting an "entirely unrealistic budget."

Aquatic centre

Particular criticism was reserved for the aquatics centre, a project estimated to cost £73million four years ago now rising to £303m. While calling the centre "spectacular and eye-catching", they also called it "over-designed" and an:

"expensive way of providing the facilities for water sports needed during and after the Games. In our opinion, the history of the aquatics centre shows a risible approach to cost control and that the Games organisers seem to be willing spend money like water."

Doubts over land sale

MPs doubted whether nearly £2bn could be recouped from sale of Olympic land after the games. A legacy has been promised to the local area, yet with the lottery fund having to be reimbursed £675m from sales and property developers likely to swoop in - it may leave little of a legacy for locals.

Costs down - the priority

The committee was adamant that the priority for organisers now was to keep costs down "comfortably below" the current £9.3bn mark.

Comments by Mayor Ken Livingstone that the initial budget was a "guess" and the ballooning of the original estimate have led to accusations that an artificial "low bid" was put in to secure the event. The committee saying it:

"...exposed the government and Games organisers to the charge that the initial bid was kept artificially low in order to win public support."

Last weeks committee expressed fears over the £3bn contingency budget, that £500m had already been spent. Today’s report made clear that any further rises would be "a major failure of cost control."

Ministers also touched on the lack of a nationwide strategy, a few days ago an Olympic Delivery Authority study revealed only 6% of spectators would be from the UK.

Department remains upbeat

The Department of Culture, Media and Sport however saw only the positives in the damming indictment of 2012 management. It was pleased the MPs recognised the achievements so far. A spokesman said:

"We are working tirelessly to plan, prepare and deliver the best Games ever - and to maximize benefits across the country up to 2012 and beyond, which will be spelled out in a detailed Legacy Action Plan," he said.

"The funding package announced in March 2007 remains unchanged and robust and we have rigid cost control measures in place, monitoring progress at every stage of the project."