British government admitted Thursday that the cost of major venues at London's 2012 Olympic Games has risen dramatically with the main stadium to double its original price.
According to the government's Olympic and Paralympic Games annual report, the main stadium is now predicted to cost 547 million pounds, which was originally estimated to cost 280 million pounds in 2004.
Olymics minister Tessa Jowell, however, reiterated that the public funding package of 9.3 billion would not be exceeded, though the overall costs for the Games are estimated to increase by three million pounds.
"It will not be exceeded. While cost forecasts have risen on some venues, these increases have been offset by savings in infrastructure around the venues and work to clean up the park," said Jowell in a statement.
A lack of competition in the procurement process for the main stadium and added costs associated with the roof during the opening and closing ceremonies have added to the bill.
Other venues on the Olympic site are also forecast to come in above latest estimates, including the aquatics center and velodrome.
(Xinhua News Agency Feburary 6, 2009)
