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SBD Global/October 24, 2012/Olympics
U.K. Government Reveals London Games Came In Under Budget
Published October 24, 2012
DIVIDING UP THE NUMBERS: REUTERS' Martyn Herman reported the final quarterly economic report published by the U.K. government's Department for Culture Media and Sport said that "the overall cost of delivering the Games was £8.92B ($14.3B), lower than the £9.3B ($14.8B) set aside." LOCOG's "own £2.2B ($3.5B) operational budget for the day-to-day running of the Games came almost entirely from sponsorship, ticket sales, merchandise and from the IOC." The "final figure for Games-time security does not take into account any savings resulting from the security firm G4S's failure to deliver its Olympic contract in full" (REUTERS, 10/23). In London, Helen William wrote that according to the estimates the Olympic Delivery Authority's "construction and transportation program has come in at £6.714B ($10.7B)." This number "is a drop of £47M ($74.9M) on the previous estimated figure." ODA saved a total of £1.032B ($1.6B). The underspend "will be held by the Treasury to help pay down the deficit" (INDEPENDENT, 10/23).