There has been lots of news recently about cost overruns for the 2012 Olympics. From what I can see, however, the details about the Games operating budget – i.e. LOCOG’s budget – are out there and nothing has changed. Consider this from the QandA on the BBC News website.
“At the time London was chosen to host the 2012 Olympic Games, it was estimated it would cost nearly £2.4bn to build the infrastructure, while just over £1bn was earmarked for the wider regeneration project for the area post-2012. A further £2bn would be needed to stage the games themselves – although this money would be raised privately.”
The key is that last bit – a further £2bn. That remains LOCOG’s budget. There is nothing in the press that talks specifically about LOCOG’s budget not increasing, which is a shame. It’s the capital budget for the new build venues in the Olympic Park, and the extent to which the Olympics will be the catalyst for a wider regeneration of, let’s face it, a pretty grubby piece of London, that is responsible for the overruns. Any dialogue about costly regeneration is a political football, all the more so when associated with something quite so much in the public eye as the Olympics. Is that the reason the status of the operating budget is so obfuscated? Probably!