IOC asks for clarification on 2012 costs

24 Apr 2008

By: Sport Industry Group

After weeks of media speculation over rising costs of the London 2012 Olympics, the International Olympic Committee has formally asked the Games organisers to clarify the funding plan.

While vocally supporting the London 2012 organisers, the IOC has asked that the host city clarify its budget position to stave off fears that the costs are spiralling out of control.

‘We have no doubt London will deliver on time but we need to have a clear picture of it,’ said IOC executive director for Olympic Games Gilbert Felli.

Added Felli: ‘We have asked our friends in London to present this breakdown of different aspects of the Olympic Park so we have a better clarity.’

The IOC is scheduled to visit London at the end of the month as part of its regular inspections of the progress of preparations for the Games.

The cost of hosting the 2012 Olympics was orginally estimated at £2.4bn but that figure has already risen to £3.3bn and another re-assessment of the budget is expected in the next month.