Olympic bosses bag £2.5m - but Games may not be on budget

Top Olympic officials are raking in more than £2.5m a year in salary packages, but are not sure they will be able to deliver the Games within budget.

The Olympic Delivery Authority (ODA)’s annual reports show there is an 80% probability the Games will be delivered within the £7bn budget.

The total public sector funding package available for the London 2012 Games is £9.325bn.

The accounts show £860m has been spent on the Olympics to date, with £444m on site preparation and infrastructure.

More than £681m has been spent on programme management, £68m on the venues, £47m on transport and £26m on the Olympic village and press centre.

ODA chief executive David Higgins emerges as the Olympics’ biggest earner, taking home £624,000 in the last financial year - £205,000 of that performance related.

Construction boss Howard Shiplee is a close third, earning £357,000 - beaten only by finance director Dennis Hone on £358,000.

Accounts show the ODA is operating with a £269m deficit, mostly due to the way payments and grants are allocated and totalled over the life of the project.

Around 47% of the time the ODA is able to pay contractors within 30 days of receiving an invoice, but amounts owed to creditors have soared from £680,000 in 2006-07 to £28m in 2007-08.

The Games has attracted £471m in funding, including £235m from the Department for Culture, Media and Sport, £175m from the Olympic Lottery Distributor and £60m from the Greater London Authority.