Cost Of Olympic Stadium Expected To Rise $25M Due To Complications Installing New Roof
The final cost of converting the Olympic Stadium could rise by £15M ($25M) because of "complications in work to install a new roof," according to Paul Kelso of SKY NEWS. Work is under way on the new roof and retractable seating to "cover the running track so the stadium can be used by West Ham United." But contractors believe costs "may have to rise to complete the project." The original stadium, which was designed as a "largely temporary venue and never intended to host Premier League football," cost £429M ($706M) to build, with the conversion costing a further £154M ($253M). Additional costs arising from the "complications with the roof could take the total cost of the stadium" above £600M ($988M), "almost double the original cost in London's 2012 bid." The London Legacy Development Corp., which is responsible for the work, said that it is confident "any increase will be covered by savings elsewhere, but any increase would lead to fresh complaints over the handling of the troubled project." The LLDC has a "fixed-price contract with contractors Balfour Beatty to deliver the work, and say they will hold the contractor to its deal." The potential cost increase is a result of "additional work required to strengthen the stadium structure in order to bear the weight of the new roof." The work, which uses technology previously only used on oil rigs, is taking "longer than expected, and will have a knock-on effect on the sequencing of other work" (SKY NEWS, 9/2).