Olympics minister says credit crunch has left 2012 budget short of private funds
Olympics minister Tessa Jowell last night acknowledged that the Olympics budget is £500m short of private sector money as a result of the credit crunch.
The admission, which confirms the scale of the shortfall on areas such as the Olympic village and media centre, was made at a private dinner, the Times has reported.
According to the paper, Jowell told a group of sports leaders and advisers: “We have lost half-a-billion pounds of private investment. But that doesn't mean it won't come back. We have to be optimistic about the coming years and that there will be deals to be done. We will go back to the banks when borrowing terms are more favourable.”
The first set of quarterly accounts for the £9.3bn programme will be published in January.