In an interview in today’s Independent, John Armitage, the chairman of the Olympic Delivery Authority (ODA), admits taxpayers may shoulder a greater burden for the 2012 Games as private finance options dry up. Here’s how the Indy puts it in an accompanying article:
John Armitt said it was possible that no private sector money would be found for the £1bn Olympic village in the heart of the park, the most high-profile victim of the global downturn which has already cost the taxpayer £326m more than was planned for. The authority has already given up hope of securing funding for the £355m international media centre, which will now be paid for entirely by the Exchequer. In total, £496m has already been used from the £2bn contingency fund set aside for the project.
In an interview with The Independent, Mr Armitt admitted yesterday that there remained a chance that the no private money at all would be found for the Olympic village.
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