Carillion and Igloo struggling to fund Olympic media centre

Carillion and Igloo, the preferred developers of the London 2012 Olympic media centre, are struggling to raise finance for its construction.

The firms are expected to contribute up to half the cost of the venue, in exchange for a share of its rental income post-Games, but are having troubles securing bank finance.

The Times reports that the £250m centre may need to be rescued by taxpayers.

But the Olympic Delivery Authority said an announcement about the centre was pending and it anticipated “significant” private investment.

It is the second venue to suffer finance problems, with Lend Lease admitting it was have difficulties funding the £1bn Olympic village.