Lord Coe admits more public funding required for London 2012 Olympics
Lord Coe, the chairman of the London Organizing Committee of the Olympic Games (LOCOG), has recently revealed that it might be a tough job for the Olympics to stay within the previously decided publically funded budget for the London 2012 Games.
The portion of the Olympics budget that had been agreed to be obtained from taxpayers totalled to £9.3 billion. However, according to the staement from Lord Coe, there is a good chance that the taxpayers would be called upon again in order to supply increasing
funds in order to meet the rising costs of the Olympic Games.
Lord Coe has made the confession after the report by the National Audit Office was released in the earlier part of this week. The report had made it quite clear that an additional amount of public funding would be required to make the Olympic Games a successful
venture. Therefore, Lord Coe has admitted in response that an additional sum of money would be required over the next nine months.
Lord Coe commented on the issue in the following words: "The NAO's observation is a fairly blindingly obvious one to make to an organizing committee less than a year from the delivery of the Games. At this moment we are absolutely balanced but as we get
towards the Games we know there will be build-ups of pressure. Everyone understands the nature of the final few months and if you want to ask me 'Will this be a challenge right up to the opening and closing ceremonies?' then answer is, yes, it absolutely will
be.”
LOCOG was in the public eye before because of the increased security budget that was required. The amount was almost double the initial budget and a total of £271 million was requested. This amount was specifically for the security of the Olympic venues.
The Olympic Games are making their way to the city of London for the third time in its history after which the capital of England will become the first city in the world to have the honour of hosting the Games three times.
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