London 2012 Hits 2007 Targets

In a review of the progress made over the last twelve months, LOCOG, the organising committee for the London 2012 Olympics, has stated that it has met all the targets set for 2007.

The government has set a budget of £9.3bn for construction, transport improvements and regeneration of the area in east London.

The actual running of the Games will come from a separate £2bn budget funded through television rights, ticket sales, merchandise and sponsorship.

LOCOG chairman Lord Coe said: ‘In a project of this scale and complexity, we have to make the most of every day. We have done just that this year, making excellent progress.

‘We have made strong progress in our operational planning and, importantly, are engaging and inspiring people all over the UK to appreciate and value the power and magic of sport.’

Demolition work on the five major Olympic sites has been completed and construction work will begin in 2008.

The Olympic Delivery Authority (ODA), the organisation charged with constructing the venues, announced that demolition on the sites of the biggest venues – the Olympic Stadium, the Aquatics Centre, the Velopark, as well as the Olympic village and the main press centre/international broadcasting centre has been completed.

ODA chairman John Armit said: ‘This has been a year of solid progress on the ground in the preparations for the 2012 Games.
‘With such a huge project it was essential we got off to a good start. We have done that and are exactly where we planned to be at this stage. Big challenges lie ahead but we have put in place strong foundations for the future.

‘In 2008, we will change gear as we enter the start of the ‘Big Build’ phase with construction beginning in earnest in the summer.’