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London's Olympic chiefs have been told they are "on track" to deliver the 2012 games but raids on the contingency funds leave it "little room for manoeuvre". Maintenance and security bills mean it is extremely likely organisers will swallow the remaining £160m of the £1.3bn emergency war chest before the event starts in two years time, the National Audit Office said. £9.3bn has already been spent. There were "plenty more hurdles to jump", Edward Leigh, chairman of the Public Accounts Committee, said. Last year £621m was withdrawn when the media centre and the Olympic Village, in east London, became publicly funded. A Culture Department spokesman said it is "not complacent about the risks".
Legacy threat
Already criticised over the lack of a cohesive legacy strategy, the NAO warned that financial constraints could limit any legacy plans The London Organising Committee of the Olympic Games is trying to raise £2bn of private investments but the NAO raised concerns that there is no legacy tenant for the £540 million Olympic stadium or for the £334 million Olympic media centre in Hackney Wick, which is a long way from the main public transport links serving the Olympic Park in Stratford. The LOC is privately owned but the public purse is exposed to its possible debt/failings - selling apartments and attracting investment has proved hard in a recession. This week Premiership football club West Ham had cold water poured on their hopes of taking up residency at the Olympic Stadium. Amyas Morse, of the NAO, said: "The Olympic Delivery Authority has done well to keep its programme on track, and it is increasingly likely that the venues and infrastructure are going to be delivered on time and budget. Nevertheless, there is still a long way to go, with less contingency funding available to meet unforeseen cost pressures."
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