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IOC 'happy' with London's budget
(Reuters)
Updated: 2007-03-02 10:37
International Olympic Committee (IOC) officials pronounced themselves "very happy" with budget predictions for the 2012 London Olympics on Thursday following two days of meetings with Games organisers.
Local media in recent weeks have claimed that the total cost of the Games could reach 10 billion pounds ($19.59 billion) - including all the associated regeneration infrastructure and security costs.
But a leading IOC official said the core running costs remained at the original prediction of about two billion.
"Regarding finance, we are very happy with LOCOG's budget which was broken down clearly for us, and is balanced and unchanged at around the two billion mark," said Denis Oswald, IOC member and head of the visiting delegation.
He added in an IOC statement: "We also have an understanding of the processes in place by which the government will finalise its budget."
This week's meetings were part of a regular six-monthly catch-up in which an IOC delegation meets Games organisers to work through a wide range of areas and get an update on preparations.
The IOC statement said its officials had left London feeling "assured and impressed across the board".
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