Brexit & EconomyPoliticsCost restraints hamper temporary Olympic sports venue

Cost restraints hamper temporary Olympic sports venue

Cost restrictions forces Olympics organisers to consider cancelling a temporary sports venue in Greenwich

London’s 2012 Olympics organisers will consider cancelling the building of
temporary sports venue in Greenwich after a meeting with KPMG.

The KPMG report recommended cancelling the North Greenwich Arena 2, a
6000-seat building which would host badminton and rhythmic gymnastics, Paul
Deighton, chief executive of the games’ organising committee, said in a
presentation to the city’s legislative assembly,
Bloomberg
reports.

‘We continue to look at ways to deliver the games and to save significant
amounts of money,’ Deighton told the assembly. The two sports could be moved to
an existing facility, though he didn’t say where.

After the games’ £9.3bn budget tripled from the 2005 bid estimate, games
officials pledged to control costs and organisers have yet arrange bank
financing for the construction of the 3000-apartment Olympic Village.

Further reading:

Overview: 2012 FDs in the spotlight

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