1. The London 2012 Games – on time,
on budget
Hugh Robertson, MP – Minister for Sport and the Olympics
David Goldstone – Finance Director, Government Olympic Executive
Wednesday 18 July 2012

2. JULY 2012
9 days to Olympic Games Opening Ceremony
 Olympic Park delivered on time and within budget
 £476 million of uncommitted contingency remaining
 Successful test events, Diamond Jubilee and Olympic
Torch Relay
 We are in a strong position but not complacent;
UNCLASSIFIED
challenges remain

3. THE CHALLENGE – 2005
 Transform one of the most deprived areas of the UK
 Create an extraordinary legacy for the UK and the world
 Deliver the Olympic Park – largest construction project in
Europe
 Equivalent to building Heathrow Terminal 5 twice over in
UNCLASSIFIED
half the time

4. UNCLASSIFIED
The contaminated site was filled with disused tyres and industrial waste

5. UNCLASSIFIED
The site was limited by old infrastructure and poor transport links

6. UNCLASSIFIED
The site was criss-crossed by electricity pylons that had to be dismantled

7. UNCLASSIFIED
The UK’s largest and greenest clean-up operation

8. OLYMPIC PARK
 2.5 sq km site – bigger than Hyde Park
 A whole new quarter of East London
 A place to work, live and play
UNCLASSIFIED
 Designed not just for Games but for long-term legacy

9. NEW WORLD-CLASS SPORTS VENUES

10. A NEW COMMUNITY – FOR GAMES & LEGACY
 Olympic & Paralympic Village
– Home to 23,000 athletes and officials during Games
– Converted into more than 2,800 homes in legacy
 A new school (Chobham Academy) and new health centre
UNCLASSIFIED

11. NEW INFRASTRUCTURE AND TRANSPORT
FOR EAST LONDON
 New power, water and sanitation
 30 bridges and connections
 East London one of the most connected parts of the capital
 £6.5bn investment into transport system
UNCLASSIFIED
 Stratford station capacity trebled to over 200 trains per hour

12. The London 2012 Games – on
time, on budget
Hugh Robertson, MP – Minister for Sport and the Olympics
David Goldstone – Finance Director, Government Olympic Executive
Wednesday 18 July 2012

13. Public Sector Funding Package: Funders
2007 Baseline Budget 31 May 2012
£9.325bn £9.298bn
Lottery
Lottery
2.175
2.175
Central Central
Government London London
Government 0.875
5.975 1.175
6.248

14. Public Sector Funding Package: Programmes
Programme 2007 Baseline Budget (£m) 31 May 2012 (£m)
ODA and Park Transformation 8,099 A 7,057 B
Elite and community sports 290 290
Paralympic Games 66 95
Look 32 33
Security 838 1,028
LOCOG 0 183
Operational programmes 0 220
Tourism campaign 0 4
C
PSFP contingency remaining 0 388
Total 9,325 9,298
LOCOG c.£2.1bn budget privately funded
Notes
A
ODA baseline budget contained £350m for Park transformation
B
ODA forecast of £6,761m, plus £296m for Park transformation
C
Contingency was held against ODA programme

15. Contingency Remaining
Contingency November 2007 31 May 2012 (£m)
Available Baseline (£m)
ODA Programme 968 88
contingency
“Funders” / PSFP 1,004 388
contingency
Total 1,972 476

16. ODA Expenditure: 75p in every £1
leaves a lasting legacy
Works specific
to the Games
25%
Long term
regeneration
75%

17. Meeting the Challenges
Credit crunch
• Village and Broadcast/Media
Centre were to be privately
funded
• Decision to bring into public
ownership was made in
2009, due to credit crunch
• Village was sold to private
developers in 2011 for approx.
£550m (in addition to approx.
£270m earlier receipts)
• Competition for legacy tenant for the
Broadcast/Media Centre is near completion

18. Meeting the Challenges
From construction to operations
Savings from the construction
phase have been utilised to
support operational requirements:
• Park operations
• Crowd management
• Increased security
• Ceremonies

19. Meeting the Challenges
Managing to time and within budget
• “Big Build” complete at one year to go
• £1bn total ODA savings reinvested to meet pressures
• Nearly £500m of uncommitted contingency remains