BusinessCorporate FinanceKPMG to investigate Olympic costs

KPMG to investigate Olympic costs

KPMG to investigate costs of London Olympic Games as reports surface of possible budget blow-out

KPMG has been appointed to consult on costs for the London Olympic Games, but
the government has dismissed newspaper reports that the project is in financial
trouble.

The Olympic Park in East London is projected to cost £2.37bn, but the
Observer newspaper reported on Sunday that the cost could be more than
double that, due to high inflation in the construction sector.

A spokesperson from KPMG said that the firm had been appointed only recently
and would not be making any imminent announcements. They added: ‘To maintain a
focus on costs is just good practice.’

A spokesperson for the Department of Culture, Media and Sport said: ‘I don’t
think anyone should be terribly surprised that we’re taking precautions to
ensure that public money is spent responsibly.’

The department is expected to release a formal statement shortly, and KPMG
will oversee the project as part of an ongoing review of costs.

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