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Olympic stadium progress is worrying

April 6th, 2010

olympic-stadium-with-river-crossingThose who are following the progress of London’s 2012 Olympic Games preparations might be interested to learn that budgets for ongoing construction work at the stadium leave little room for error.

The Public Accounts Committee (PAC) has revealed that the £9.325 billion budget allocated to the project is sailing close to the wind.

Of the original contingency fund of £2.75 billion, £194 million remains uncommitted.

PAC chairman Edward Leigh said: “What’s worrying is that that the financial position is tight. Unforeseen problems continue to emerge to place fresh demands on the contingency.”

Remaining in budget is also reliant on the sports stadium being successfully sold after the games for at least £600 million.

In addition, it is possible that £160 million may be needed for the upkeep of the site before the official handover of the area.

At 60 metres tall, the structure has reached its full height after fourteen lighting towers were successfully lifted into position earlier this year.

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