Link: In profile: Neil Wood
The so-called candidature file, which is likely to run beyond 600 pages, will include detailed financial information and regeneration plans. It must be submitted to the International Olympic Committee by 14 November.
‘The 2012 candidature file questionnaire does require more detail than that of either 2008 or 2010 in the finance section. We are still evaluating the additional requirements to see whether we require more resources either redirected from inside the bid team or from outside,’ Wood told Accountancy Age.
He said the financial planning team was now ‘working hard at preparing detailed capital and operating budgets for both the 2012 London Olympic Games and the Paralympic Games’.
A major concern has been London’s transport system, and Wood admitted work was needed. The government has already pledged to invest around £17bn on the city’s transport network before 2012.
Plans include a special seven-minute shuttle service that will be put in place between Kings Cross and Stratford (where the proposed Olympic park is to be built) and between Stratford and Ebbsfleet in Kent.
Wood said his team would work closely with new bid chairman Lord Sebastian Coe to ensure that ‘every aspect of our bid dovetails into the other’.
Lord Coe replaced Barbara Cassani, who has taken on the role of vice-chairman to concentrate on the technical aspects of the bid.
Last week, London was shortlisted alongside Paris, New York, Moscow and Madrid as one of the five contenders for the right to host the 2012 Olympics.
The final decision will be made on 6 July 2005.
Does Darwin's theory apply to taxation? Colin ponders...
The EC has been instructed to draft a European Union (EU) directive authorising an EU financial transaction tax, which would apply to ten of the EU’s 28 member states
Accountancy watchdog the FRC has dropped its investigation into the former chief financial officer of Tesco, nearly two years after the supermarket was engulfed in an accounting scandal
Colin imagines how Apple's logo might change in the wake of the EC's ruling over its Irish tax arrangements