Olympic Village funding struggle?

Bovis Lend Lease is having difficulty raising the cash it needs to build the £2bn Olympic Village in Stratford, according to reports this weekend.

The Daily Telegraph reported sources' claims that the problems were so actue that taxpayers may end up having to foot part of the bill.

The global credit crunch means that even well-regarded developers like Bovis were struggling to raise finance, the report said.

The Olympic Delivery Authority (ODA) said that preparations were going well and that publicly-funded enabling works would continue while efforts were made to put private funding in place for the village.

Meanwhile a Bovis Lend Lease spokesman said: "We are working closely with the ODA and the project is progressing well on all fronts. Demolition on site is complete, preparatory earth works have begun and the first phases of construction are on schedule to begin this summer."