Every cloud has a silver lining, and it should come as no surprise to learn that even if the Olympics are a colossal waste of money and that we are facing the worst recession for decades, lawyers will still make money out of the games.
That at least is the view of Charles Tomlinson of Mace & Jones'.
He is quoted on Heating and Ventilating News:
"When London was awarded the Olympics the construction sector was booming. It was a welcome bonus for the sector. Now it will be seen as vital for the survival of many companies at time of unprecedented crisis in the sector.
With margins going through the floor and the commercial sector in freefall, all parties will be looking to protect their positions. This is not the ideal environment for a project of the scale and importance of the Olympics.
If, or example, you are waiting payment, does the other party have the means to pay? If so, a well timed adjudication can protect cash flow.
In relation to more complex disputes, parties must consider alternative forms of dispute resolution such as mediation, expert determination or just good old fashioned commercial negotiation to keep the project alive".
The lawyers will at least do very well out of the games!
Olympic Medals won during the Beijing 2008 Olympics
Don't forget to visit www.theolympicswarehouse.com
www.olympicsdiary.com brought to you by www.kenfrost.com "The Living Brand"
Monday, 2 February 2009
Friday, 30 January 2009
The Olympic Tax Bill
It would seem that the long suffering British taxpayer may end up having to foot the bill for every major venue for the unwanted London 2012 Olympic Games.
For why?
Private finance has dried up.
That at least is the view of John Armitt, the chairman of the Olympic Delivery Authority. He has come clean, and admitted that no private sector money can be found for the £1BN Olympic village (which itself is already over budget by £326M).
Those of you with long memories may well recall that when Britain convinced the IOC that we were capable of putting this together, the total "budget" for the games stood at less than £4BN. Currently it now stands at £12BN (including £2BN running costs), and is likely to continue to rise.
Armitt is quoted in the Independent:
"Clearly, if we finally finished up with no private sector investment in the village, that would require a further contribution from the public sector.
At the moment we're still in negotiation, and we're still optimistic that we'll get to a point where we've got a private sector offer on the table and contribution to the village."
He then added that there may well be a complete failure of private sector funding for the village.
The 2012 London Games will stand as a monument to the folly, arrogance and ego of ZaNuLabour, which foisted them on to an unsuspecting and docile public several years ago.
Olympic Medals won during the Beijing 2008 Olympics
Don't forget to visit www.theolympicswarehouse.com
www.olympicsdiary.com brought to you by www.kenfrost.com "The Living Brand"
For why?
Private finance has dried up.
That at least is the view of John Armitt, the chairman of the Olympic Delivery Authority. He has come clean, and admitted that no private sector money can be found for the £1BN Olympic village (which itself is already over budget by £326M).
Those of you with long memories may well recall that when Britain convinced the IOC that we were capable of putting this together, the total "budget" for the games stood at less than £4BN. Currently it now stands at £12BN (including £2BN running costs), and is likely to continue to rise.
Armitt is quoted in the Independent:
"Clearly, if we finally finished up with no private sector investment in the village, that would require a further contribution from the public sector.
At the moment we're still in negotiation, and we're still optimistic that we'll get to a point where we've got a private sector offer on the table and contribution to the village."
He then added that there may well be a complete failure of private sector funding for the village.
The 2012 London Games will stand as a monument to the folly, arrogance and ego of ZaNuLabour, which foisted them on to an unsuspecting and docile public several years ago.
Olympic Medals won during the Beijing 2008 Olympics
Don't forget to visit www.theolympicswarehouse.com
www.olympicsdiary.com brought to you by www.kenfrost.com "The Living Brand"
Tuesday, 27 January 2009
"Irresponsible" Pubs To Be Shut
Cllr Colin Barrow, leader of Westminster City Council, has warned that "irresponsible" pubs will be shut in the run up to the 2012 Olympics.
Cllr Barrow has also threatened to find out which venues have served drunks.
Could he define exactly what constitutes "drunk" and "irresponsible"?
In the event the 2012 Olympics actually happens, and London accommodates millions of sports fans, there are a number of more pressing issues that the council and tourism industry need to address eg:
-The trains, buses and tubes work and run beyond midnight
-There are clean and numerous facilties such as toilets in London
-The pubs, clubs and other night spots are open for trade late into the night
-Hotels don't rip people off with extortionate charges and lousy substandard rooms/service
In other words, London has to be made far more welcoming and tourist friendly than it currently is.
Olympic Medals won during the Beijing 2008 Olympics
Don't forget to visit www.theolympicswarehouse.com
www.olympicsdiary.com brought to you by www.kenfrost.com "The Living Brand"
Cllr Barrow has also threatened to find out which venues have served drunks.
Could he define exactly what constitutes "drunk" and "irresponsible"?
In the event the 2012 Olympics actually happens, and London accommodates millions of sports fans, there are a number of more pressing issues that the council and tourism industry need to address eg:
-The trains, buses and tubes work and run beyond midnight
-There are clean and numerous facilties such as toilets in London
-The pubs, clubs and other night spots are open for trade late into the night
-Hotels don't rip people off with extortionate charges and lousy substandard rooms/service
In other words, London has to be made far more welcoming and tourist friendly than it currently is.
Olympic Medals won during the Beijing 2008 Olympics
Don't forget to visit www.theolympicswarehouse.com
www.olympicsdiary.com brought to you by www.kenfrost.com "The Living Brand"
Monday, 26 January 2009
Rogge In Denial
The International Olympic Committee (IOC) president, Jacques Rogge, has rather bizarrely claimed that the London 2012 Olympics has not overshot its budget.
This is rather an "odd" statement given that the original "budget" for the games was £3.4BN, it currently stands at £12BN (including £2BN running costs) and is likely to rise further.
Rogge clearly does not have good grasp of financial matters.
He went on to claim that, despite the recession, the scale of the Games should not be rolled back.
Maybe he will help make up the shortfall out his personal finances?
Olympic Medals won during the Beijing 2008 Olympics
Don't forget to visit www.theolympicswarehouse.com
www.olympicsdiary.com brought to you by www.kenfrost.com "The Living Brand"
This is rather an "odd" statement given that the original "budget" for the games was £3.4BN, it currently stands at £12BN (including £2BN running costs) and is likely to rise further.
Rogge clearly does not have good grasp of financial matters.
He went on to claim that, despite the recession, the scale of the Games should not be rolled back.
Maybe he will help make up the shortfall out his personal finances?
Olympic Medals won during the Beijing 2008 Olympics
Don't forget to visit www.theolympicswarehouse.com
www.olympicsdiary.com brought to you by www.kenfrost.com "The Living Brand"
Thursday, 22 January 2009
Contingency Fund
The government has released £496M from the £2BN Olympics contingency fund.
The government is sticking to the line that there is sufficient contingency within the £12BN "budget".
We shall see.
Olympic Medals won during the Beijing 2008 Olympics
Don't forget to visit www.theolympicswarehouse.com
www.olympicsdiary.com brought to you by www.kenfrost.com "The Living Brand"
The government is sticking to the line that there is sufficient contingency within the £12BN "budget".
We shall see.
Olympic Medals won during the Beijing 2008 Olympics
Don't forget to visit www.theolympicswarehouse.com
www.olympicsdiary.com brought to you by www.kenfrost.com "The Living Brand"
Tuesday, 20 January 2009
Olympics Could Cost Wales £100M
Welsh Heritage Minister, Alun Ffred Jones, has claimed that Wales could lose £100M of diverted lottery money to the 2012 Olympics.
He told the Commons Welsh Affairs Committee, as per Wales Online:
"There's a downside, of course, in terms of lost Lottery funding and that's been estimated at £70m.
With the extra money the Lottery could have pulled in, that could be as high as £100M."
The reality that regional MPs need to face is that now that the government has saddled itself and us with the white elephant of the games, it will do everything in its power to avert a PR disaster. That means that money will be diverted from all other areas in order to paper over the cracks of a badly budgeted and badly organised event.
Olympic Medals won during the Beijing 2008 Olympics
Don't forget to visit www.theolympicswarehouse.com
www.olympicsdiary.com brought to you by www.kenfrost.com "The Living Brand"
He told the Commons Welsh Affairs Committee, as per Wales Online:
"There's a downside, of course, in terms of lost Lottery funding and that's been estimated at £70m.
With the extra money the Lottery could have pulled in, that could be as high as £100M."
The reality that regional MPs need to face is that now that the government has saddled itself and us with the white elephant of the games, it will do everything in its power to avert a PR disaster. That means that money will be diverted from all other areas in order to paper over the cracks of a badly budgeted and badly organised event.
Olympic Medals won during the Beijing 2008 Olympics
Don't forget to visit www.theolympicswarehouse.com
www.olympicsdiary.com brought to you by www.kenfrost.com "The Living Brand"
Thursday, 15 January 2009
Another One Bites The Dust
Another Olympics sponsor has bitten the dust, thanks to the recession.
Nortel, the telecoms equipment company has filed for bankruptcy protection today in a move affecting around 2,000 UK staff. Nortel UK is a £40M "tier one" sponsor of London's 2012 Olympics.
The London Olympic organising committee (Locog) appears to be "relaxed" about the matter. They are quoted in The Independent:
"We are aware of the situation and will work through it with Nortel."
Nortel currently employs around 30,000 people across 30 countries.
Olympic Medals won during the Beijing 2008 Olympics
Don't forget to visit www.theolympicswarehouse.com
www.olympicsdiary.com brought to you by www.kenfrost.com "The Living Brand"
Nortel, the telecoms equipment company has filed for bankruptcy protection today in a move affecting around 2,000 UK staff. Nortel UK is a £40M "tier one" sponsor of London's 2012 Olympics.
The London Olympic organising committee (Locog) appears to be "relaxed" about the matter. They are quoted in The Independent:
"We are aware of the situation and will work through it with Nortel."
Nortel currently employs around 30,000 people across 30 countries.
Olympic Medals won during the Beijing 2008 Olympics
Don't forget to visit www.theolympicswarehouse.com
www.olympicsdiary.com brought to you by www.kenfrost.com "The Living Brand"
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