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Bidding up the Olympics

Olympic bill rises £1bn
Up to 80 businesses and hundreds of residents could be evicted from the London Olympic site next year as part of a huge relocation exercise adding an extra £1 billion to the cost of the 2012 Games.

The total taxpayers’ bill for the 2012 Olympics, which is rising steadily, is now estimated at more than £8 billion, including contingency fees.

Last month it was:

".. is now believed to be approaching £5 billion." (Source)

Originally it was:

£2.4 billion


Costs

* £560 million for new venues, including £250 million for the Olympic Stadium.
* £65 million for the Olympic village.
* £1.5 billion to run the Games.
* £200 million on security.

Revenue

* £1.5 billion from a special Olympic National Lottery game.
* £625 million from a council tax surcharge of £20 per year for London households.
* £560 million from IOC television and marketing deals.
* £450 million from sponsorship and official suppliers.
* £300 million from ticket sales.
* £250 million from the London Development Agency.
* £60 million from licensing.

The bid team believed that London could end the Games with a surplus of more than £100 million

At this rate my original estimate of £10 billion is going to be a wild underestimate. Look just stop - admit it was a bit of a mistake, first loss is the best loss to take and so on. If Paris wants it they can have it other wise they will have to make do with Walthamstow Dog Track for the ceremony....

Comments

I can't see it being less than £15–18 billion up front and God knows how much extra to service the debt for the next thirty years (I believe Montreal is still paying for the '76 Olympics). And all for the Dear Leader and Tessa Jowell's amour propre. They should be hauled on a tumbrel to Tyburn.

I am still sticking to my overall cost of £40bn but this includes necessary improvements to the infrastructure, accelerated timescale which is getting more extreme with posturing and political interference and the amount needed to bribe the contractoers and workers to complete on time as thier pay demands become outrageous even by Goldman Sachs standards.

Also, look at the rate of increase in the estimates now and think you have another 5 years of that.

Any advance on £40bn?

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