facebook
twitter
rss
account
search
search
 

London prepares for 2012 Olympic games

Dec. 27, 2006 at 3:43 PM   |   Comments

LONDON, Dec. 27 (UPI) -- The chairman of the organizing committee for the London 2012 Olympic Games has promised that outstanding financing issues will be resolved in 2007.

Committee Chairman Sebastian Coe insists that strict cost management will be fundamental in the success of having the Olympic Games in Britain, the Sky News reported.

Coe said that organizers are working with the government to make sure that over-budgeting and funding issues would be solved next year.

Culture Secretary Tessa Jowell reported that the initial building of the Olympic Park had increased by $1.76 billion to $6.46 billion.

Mayor of London Ken Livingstone assured London residents that there will be no extra cost to them. The residents of London are already paying $39 a year for up to 12 years to cover the cost of the Games.

"We must not lose sight of the wider benefits of this project. It is not simply about cost. It is also about value and ambition," said Coe.

© 2006 United Press International, Inc. All Rights Reserved. Any reproduction, republication, redistribution and/or modification of any UPI content is expressly prohibited without UPI's prior written consent.
Recommended UPI Stories
Featured UPI Collection
trending
Notable deaths of 2014 [PHOTOS]

Notable deaths of 2014 [PHOTOS]

Most Popular
1
Red Sox sign Cuban outfielder Rusney Castillo for 7-year deal
2
Yankees host White Sox trying to stay in playoff hunt
3
Mariners turn to King Felix, resume road trip in Boston
4
Former Steelers RB Redman says spinal injury ended career
5
Royals try to bounce back in Arlington
Trending News
Video
x
Feedback