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Olympic Games 2012: Construction

Volume 486: debated on Tuesday 13 January 2009

To ask the Minister for the Olympics what alternative sources of funding for the athletes’ village (a) she and (b) the Olympic Delivery Authority is considering; and if she will make a statement. [Official Report, 3 February 2009, Vol. 487, c. 8MC.] (246120)

As a consequence of recent turmoil in the global financial markets, less private sector investment is available than originally envisaged, meaning that the Olympic Village deal needs to be restructured and additional public sector investment will need to be made. The details of that restructured deal are being worked through between the Olympic Delivery Authority (ODA) and Lend Lease under the terms of an exclusivity agreement and it would not be appropriate to reveal the details until that deal is concluded in the spring of next year. Under the exclusivity agreement, the ODA may not negotiate with alternative development partners.