London Games to exceed budget
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E-mail China.org.cn, June 28, 2012
The London 2012 Olympics are on course to be the most over-budget games in 16 years after organizers have failed to accurately forecast security demands and private investment, Bloomberg reported.
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A detail of the Basketball Arena during the National Lottery Olympic Park Run at Olympic Stadium, in London, on March 31, 2012. [File photo] |
A study by the University of Oxford predicts that the sports celebration hosted in the British capital is likely to cost double its original estimates, making the event the most expensive one since the 1996 Olympics in Atlanta, when costs overran by 147 percent.
The British government has already tripled its original budget to an estimated 9.3 billion pounds, after failing to finance and develop the main site.
The security budget was doubled to 553 million pounds last year, as the original estimate of 10,000 guards fell short by nearly 14,000 people.
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