The costs of mounting the Games are separate to those for building the venues and infrastructure, and redeveloping the land for the Olympic Park. While the Games are privately funded, the venues and Park costs are met largely by public money.
On 15 March 2007 Tessa Jowell announced to the House of Commons a budget of £5.3 billion to cover building the venues and infrastructure for the Games, at the same time announcing the wider regeneration budget for the Lower Lea Valley budget at £1.7 billion.
On top of this, she announced various other costs including an overall additional contingency fund of £2.7 billion, security and policing costs of £600 million, VAT of £800 million and elite sport and Paralympic funding of nearly £400 million. According to these figures, the total for the Games and the regeneration of the East London area is £9.345 billion. Mayor Ken Livingstone pledged the Games Organizing Committee would make a profit.
The costs for staging the Games (£2 billion) are funded from the private sector by a combination of sponsorship, merchandising, ticketing and broadcast rights. This budget is raised and managed by the London 2012 Organizing Committee. According to Games organizers, the funding for this budget broadly breaks down as:
On 15 March 2007 Tessa Jowell announced to the House of Commons a budget of £5.3 billion to cover building the venues and infrastructure for the Games, at the same time announcing the wider regeneration budget for the Lower Lea Valley budget at £1.7 billion.
On top of this, she announced various other costs including an overall additional contingency fund of £2.7 billion, security and policing costs of £600 million, VAT of £800 million and elite sport and Paralympic funding of nearly £400 million. According to these figures, the total for the Games and the regeneration of the East London area is £9.345 billion. Mayor Ken Livingstone pledged the Games Organizing Committee would make a profit.
The costs for staging the Games (£2 billion) are funded from the private sector by a combination of sponsorship, merchandising, ticketing and broadcast rights. This budget is raised and managed by the London 2012 Organizing Committee. According to Games organizers, the funding for this budget broadly breaks down as:
- 63% from Central Government;
- 23% from National Lottery
- 13% from the Mayor of London and the London Development Agency
On August 18, 2007 The Belfast Telegraph reported that the right to stage the Olympic Games becoming more muted as realization dawns on the public of the enormous costs involved in creating facilities for the athletes. Grass root sport cuts will fund Olympics, government figures suggested on August 19, 2007.
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