London 2012: What's the Cost?
In December the head of the National Audit Office warned of the risk of the government exceeding its Olympics budget of £9.3billion.
This figure includes the build of the venues and the £600million police and security budget. The government has just allocated an extra £41million (with a £7million contingency) from this budget to Locog to pay for the Opening Ceremony, which is set to cost £81million total.
Locog has also been allocated £271m to pay for venue security. The figure also includes £2.8m for Games Time Testing, £35m to convert the stadium after the event and £35m for tourism campaigns.
However Sky Sports investigators drew figures from freedom of information requests and public documents to reveal the cost to the public purse could be as much as £24bn. Highlights of the investigation include the £766m cost of the land used for the venues. Legacy programmes are also set to hit £826m, while the Olympic Park Legacy Company is set to cost £300m.
Then there's the tube drivers who receive extra pay during the games. 13,000 of them will each get £500 each bringing that bill to £6.5m. And what about the quangos? UK Sport received a £29m injection from Andy Burnham in 2008 because of the Olympic Games. Sport England has used some of a £22million handout to measure Legacy work.
Transport for London spent £2.5million taking 30,000 staff on a tour of the Olympic Park, according to the Sky investigation. While so-called 'London Ambassadors' - who will meet and greet tourists, will cost: £3.5million.
It was also revealed that councils across Britain have spent nearly £11.4m on torch relay and other Olympic themed events. But not all local authorities responded to requests for information so this figure could be higher. Local councils have spent £407,102 on tickets.
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Absolutely fantastic legacies also being realised...like a £275m loss on the Village:
http://www.guardian.co.uk/sport/2011/aug/12/olympic-village-qatari-ruling-family