The Olympics

The Olympics


News, information and stories about the Olympic Games.

Monday, 21 September 2009

Breaking The Rules

Baroness Ford, chairwoman of The Olympic Park Legacy Company (tasked with attracting developers to take on the Olympics site after 2012), is refusing to take on a £800M debt from the LDA (incurred in buying up the land for the 2012 Olympics).

The Evening Standard claims that she has been successful in convincing the Department for Communities and Local Government to take the loan on to its books.

However, if this is the case, this will breach Treasury rules on departmental borrowing.

The LDA, as you will recall, has a £160M black hole in its accounts as a result of lousy internal financial controls; it refuses to hold onto the debt, without mincing words, because it can't honour it without cutting back on other projects.

Ever get the feeling that there are simply too many agencies trying to "run" the 2012 games (ie stick their snouts into the Olympic trough)?

Ever get the feeling that the Olympics budget is out of control?

A mess by anyone's standards, courtesy of Nu Labour!

Olympic Medals won during the Beijing 2008 Olympics

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