It would seem that the long suffering British taxpayer may end up having to foot the bill for every major venue for the unwanted London 2012 Olympic Games.
For why?
Private finance has dried up.
That at least is the view of John Armitt, the chairman of the Olympic Delivery Authority. He has come clean, and admitted that no private sector money can be found for the £1BN Olympic village (which itself is already over budget by £326M).
Those of you with long memories may well recall that when Britain convinced the IOC that we were capable of putting this together, the total "budget" for the games stood at less than £4BN. Currently it now stands at £12BN (including £2BN running costs), and is likely to continue to rise.
Armitt is quoted in the Independent:
"Clearly, if we finally finished up with no private sector investment in the village, that would require a further contribution from the public sector.
At the moment we're still in negotiation, and we're still optimistic that we'll get to a point where we've got a private sector offer on the table and contribution to the village."
He then added that there may well be a complete failure of private sector funding for the village.
The 2012 London Games will stand as a monument to the folly, arrogance and ego of ZaNuLabour, which foisted them on to an unsuspecting and docile public several years ago.
Olympic Medals won during the Beijing 2008 Olympics
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