Royal household rents grounds of Kensington Palace to Olympic Committee of Russia
It has recently been revealed that the Queen of England has decided to give out on rent the grounds of the Kensington Palace to the Olympic Committee of Russia.
The decision has been made on the grounds of giving a boost to the budget of the Royal Household.
The Russians want to utilize the area during the time of the London 2012 Olympic Games. The grounds will be acting as home to the dignitaries as well as the oligarchs from Russia. According to the specifications that the Russians have provided Sir Alan Reid,
the treasurer of the Queen, the grounds at the palace will be elaborately decorated by the Russians. There are plans to put up marquee, stage as well as a bar at the venue.
At the renting out of the palace grounds, a spokesman from the Buckingham Palace made the following statement, “Perks Field is being offered for rent in the summer to supplement income. It is a way of managing and adding to the budget of the Sovereign Grant
over the next three years.”
The deal between the Russians and Royal party has been overseen by Sir Alan Reid. The details of the contract have been made public along with the amount of money that was involved in the transaction. The amount of money that has been taken as a deposit
for the renting out of the palace grounds totals to be £250,000. This amount of money is not refundable in case the Russians go against the rules that have been laid down in the renting process.
According to these rules, the Russians will not indulge in anything “that may affect or damage the reputation, image or standing... Of the Royal family.”
The Russians will be making use of the grounds during the Olympic Games that will come 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 heave hosted the Games for a total
of three times.
The Royal household is in need of increased funds because their spending budget is scheduled to undergo a decrease of 14% from the year 2013.
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