Olympic bid risks huge overruns
A 2012 London Olympics could have to secure huge private sector backing with the prospect of a 100% cost overrun and escalating insurance premiums.
A 2012 London Olympics could have to secure huge private sector backing with the prospect of a 100% cost overrun and escalating insurance premiums.
Link: Top FDs not rushing to join Olympic bid
The company leading the UK bid, chaired by Barbara Cassani, is continuing its search for a winning FD to secure victory for the UK bid team.
The bid company, to be called London 2012, is offering £75,000 for the FD job. The term will run until at least July 2005 when the International Olympic Committee decides which country will host the 2012 Olympics.
Bill Enevoldson, partner at KPMG and FD of the Manchester 2000 Olympic bid, said: ‘Without private sector involvement, you could be seriously exposed to overruns. Bidding and putting it on is something else. There still needs to be a lot of work done around the budget, including work on infrastructure.’
The government is planning the redevelopment of London’s Lea Valley to make way for the various Olympic villages that will be necessary to stage the games, a task that is expected to involve the creation of 30,000 new homes.
While the government has assumed contingency funding of £1.2bn to cover cost overruns, leading accountants said that a 100% overrun was plausible.
This would bring the cost of staging the games to £7.2bn, compared with the current official forecast of £3.6bn.
In the past decade, the professional services industry has transformed significantly. Digital disruptions, increased competition, and changing market ...
View resourceIn recent months, professional services firms are facing more pressure than ever to deliver value to clients. Often, clients look at the firms own inf...
View resourceIn a world of instant results and automated workloads, the potential for AP to drive insights and transform results is enormous. But, if you’re still ...
View resourceThe first phase of Making Tax Digital (MTD) saw the requirement for the digital submission of the VAT Return using compliant software. That’s now behi...
View resourceThe ICAEW confirms new vice president, with senior heads appointed at KPMG and EY. Within the mid market, a flurry of end of year partner appointments...
View articleThis follows an investigation into undisclosed personal loans and issues with an acquisition. Despite challenges, the company aims to achieve £1bn in ...
View articleThe ICAEW confirms new vice president, with senior heads appointed at KPMG and EY. Within the mid market, a flurry of end of year partner appointments...
View articleThere is optimism that the IPO market will rebound in the second half of 2024, driven by pent-up demand and potential improvements in economic conditi...
View articleThe ICAEW confirms new vice president, with senior heads appointed at KPMG and EY. Within the mid market, a flurry of end of year partner appointments...
View articleKPMG confirms reappointment of it's UK chair, while EY announces Janet Truncale as the next EY global chair and CEO Read More...
View articleThe ICAEW has announced the appointment of its forthcoming chief executive Read More...
View articleThe FRC has announced Richard Moriarty as its new chief executive, replacing Sir Jon Thompson Read More...
View article