In December the head of the National Audit Office warned of the risk of the government exceeding its Olympics budget of £9.3billion; but warnings seem to have been ignored as costs could be as high as £14bn.
Revenue for London 2012 Olympics only expected to be £10 billion but spending exceeds this by over £4 billion
But what is even more worrying is that the estimated figure of £14 billion is accurate of spending already committed, most experts expect spending to exceed the £20 billion mark and reach a total of almost £24 billion. Not a particularly cheap 2 week holiday …
London 2012 Current Running Costs
|Cost in Millions|
|£ 6,500.00||Upgrading Transport Links|
|£ 4,400.00||Security & Intelligence|
|£ 1,131.00||Counter Terrorism Policing|
|£ 826.00||Legacy programmes|
|£ 766.00||Venue and land cost|
|£ 300.00||Olympic Park Legacy Company|
|£ 29.00||UK Sport|
|£ 22.00||Sport England Legacy Work|
|£ 12.00||Torch Relay Events|
|£ 7.00||London Tube Employees Bonus|
|£ 4.00||London Ambassadors|
|£ 3.00||TfL Staff Overtime|
|£ 0.50||Local Council Ticket costs|
|£ 0.40||Stone Monument|
-The Los Angeles 1984 Games were the first to turn a profit ($225 million) in 1932. The cost to stage the Olympics was about $1.500bn.
-TV rights were sold for the first time in Tokyo 1964 at $1m. By Athens 2004, the cost was £1.400bn.
-The cost of the 1896 Games was about $448,000. (The Guinness Book of Olympic Facts and Feats, 1996)
Sydney’s 110,000-seat stadium cost $402m to build and Beijing’s 91,000-seat stadium will cost approximately $423m.
-The final cost of the 2004 Athens Olympics was £8.0bn, much more than the original previsions. About £700m covered security which was double the budget of the Sydney Games in 2000.
-The Barcelona Games in 1992 cost £8.1bn. About 53% of that money came from public funds. The Atlanta Games in 1984 cost £1.5bn, and Sydney 2000 about £2.5bn. (UK Parliamentary Select Committee on Culture, Media and Sport)
London 2012 Final Costs official PDF document