OLYMPICS DESK

The House of Commons public accounts committee in a report on the 2012 Olympics games have discovered from the organisers of the games the Olympic Delivery Authority, that the main Olympic stadium is already 2 months behind schedule, with doubts over legacy plans and the funding of the Olympic Village.

In developments that will concern many Londoner's the "post-game" use of the Olympics stadium is unclear, with the FT in a report today saying that "a business plan for the future of the Olympic park will not be completed until next May".

The Olympic Village is the biggest focus of concern with finance for the project now becoming harder to come by due to the pressure on the markets. Lend Lease the developer of the Olympic Village according to the FT is "struggling to secure debt financing". Whitehall has been approached by Lend Lease for more money or assistance to fund the projects.

The commitment by the government to date stands at £675m to the £9.3bn of the estimated costs of the games. Doubts now exist over the length of time it will take for that contribution to be returned to public funds given the ambiguity of the spiralling costs of the games, due to inflationary pressures on the economy and the costs of steel and material increasing.

The Guardian today also reveals that a scheme to raise £100m from private sector to improve the nations chances of medals in 2012 have "come to nothing".

photo credit: Olympic Village from ODA press office