London 2012 Delivered Under Budget
The London 2012 Olympic and Paralympic Games have been delivered under budget, according to government reports indicating that the combined cost of the two events came in at £8.92bn – £377m less than the budgeted £9.29bn.
According to results published by BBC Sport, savings were made following a drop in expense of security, transport and construction.
Another £103m from a contingency fund was also left unspent, leaving a total of £480m from the original budget remaining.
The figures were announced in the government’s final quarterly economic report, with the savings to cover ‘risks’ linked to the revamping of the Olympic Park.
Minister for Sport Hugh Robertson added: ‘London 2012 was a tremendous success and it is a significant achievement to deliver this large and complex programme on time and under budget.’
‘The work of the construction and delivery teams, from the ODA [Olympic Delivery Authority] and Locog [London Organising Committee of the Olympic and Paralympic Games], has set a very high standard.’
‘I have no doubt that London 2012 has set a new benchmark for the management of Olympic and Paralympic Games in future.’
