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Duchy of Lancaster

Volume 487: debated on Tuesday 3 February 2009

Olympic Games 2012: Construction

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, 12 January 2009, Vol. 486, c. 260W.]

Letter of correction from Tessa Jowell:

It has been brought to our attention that, because the response to PQ 246120 was written in 2008, but published in 2009, the answer is misleading. A correction to the answer of 12 January 2009, Official Report, column 260W, is required. The full answer given to the question and the required change are as follows: (246120)

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. [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 2009. Under the exclusivity agreement, the ODA may not negotiate with alternative development partners.