London's Olympic Stadium To Cost Nearly Double Original Figure

Cost Of London Olympic Stadium To Be Almost Twice Of Original Forecast

London Olympic Delivery Authority (ODA) Chair John Armitt said that the final cost of the 2012 London Games' Olympic Stadium “will be almost twice the original figure forecast in the bid book,” as it will cost US$1.01B, a 77% increase over the $US572.1M originally projected, according to Paul Kelso of the Manchester GUARDIAN. Armitt also predicted a “substantial increase” for the aquatic center -- the bid book projection put the cost at $US153.2M, but the final figure “seems certain to exceed [US$306.5M]." In a meeting with the London Assembly, Armitt said that it was “‘grossly misleading’ to suggest that the cost of the stadium and other facilities had doubled since 2005.” He indicated the increased figure was due to inflation; the inclusion of value added tax, which was not originally included; converting stadium capacity to its permanent post-Olympic total of 25,000; and added construction costs. Designs for the stadium are scheduled to be unveiled this month, but “it remains unclear what uses the stadium will have after the Games” (Manchester GUARDIAN, 10/11). Olympic Shadow Minister Hugh Robertson “attacked ministers and the ODA for a lack of transparency and said their failure to keep parliament fully informed of the new costings was ‘undermining public confidence’ in the Games” (London TELEGRAPH, 10/11). However, Armitt said that the ODA “was committed to keeping costs within the $18[B] budget set by the government in March” (AROUNDTHERINGS.com, 10/10).