The Weekend papers put a price on HIPs and suggest that Wembley could be converted into main 2012 stadium
HIPs failure leaves taxpayers £7m billSunday Telegraph reported that the government’s failed attempt to introduce HIPs has cost taxpayers £7m on marketing, advertising, external consultants to advise on the packs and stakeholders events.
Hosting Olympics at Wembley would slash cost to £30mThe Sunday Times said that it would be possible to convert Wembley Stadium into the main Olympic venue for London 2012 for £30m. It said that according to sports consultancy Sports Concepts in a report for the Football Association, the transformation could be achieved by laying a 20ft-thick concrete platform across the football pitch. The paper said that it would save hundreds of millions of public money which is planned for the main Olympic stadium, would take 11 weeks to install and six months to remove.
Metronet in cash pleaThe business section of the Sunday Times said that stakeholders in Metronet, the PPP company that maintains two-thirds of London Underground, were being pressed to inject fresh cash after banks blocked access to its loan facilities.
The paper said that cost overruns of more than £750m had pushed Metronet over cost thresholds included in its loans. The banks, led by the European Investment Bank - which has put up £600m of the £1.6bn loan facility – granted a six-month waiver last September to allow Metronet to continue to draw funds. Another waiver request has been declined.