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The project to build the 2012 Olympic stadium is to be handed over to a local builder in East London after the credit crunch caused budgets to be slashed. Vital PFI funding from the corporate sector has all but disappeared due to the reluctance of banks to lend money. The original cost of the stadium soared to over £500m but Olympics Minister Tessa Jowell announced this morning that the project would be completed for a total cost of £90,000 or 'a bit less for cash'.

Source NewsBiscuit

Olympic Medals won during the Beijing 2008 Olympics

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