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Olympic Games 2012: Finance

Volume 475: debated on Monday 28 April 2008

To ask the Minister for the Olympics (1) how much and what proportion of the finance for the cost of the construction of the athletes’ village for the 2012 Olympic Games is planned to be raised on the debt markets; (201988)

(2) what recent discussions she has had with Bovis/Lend Lease on raising capital for financing the construction of the Olympic village;

(3) when she expects to announce the award of the contract for the construction of the athletes’ village for the 2012 Olympics;

(4) what her most recent estimate is of the public funding to be allocated to supporting the broadcast and media centres at the Olympic village for the 2012 Olympics;

(5) if she will provide a breakdown by main budget heading of the £492 million figure announced in the Department for Culture, Media and Sport’s Annual Olympics Report of January 2008 allocated to construction of the (a) broadcast and media centres and (b) Olympic village for the 2012 Olympics.

I refer the hon. Member to the answer I gave him on 31 March 2008, Official Report, column 454W. The combined public sector budget for the IBC/MPC and the Olympic village remains at £492 million. However, the exact value of the overall public sector contribution will be finalised as sensitive commercial negotiations are closed out and, until then, we cannot disclose the further details requested.