Olympic village and media centre could be nationalised

The Olympic village and media centre could both be nationalised, with taxpayers footing a £900m bill to rescue the “credit crunch Games”.

Ministers are to meet London mayor Boris Johnson this week to consider ways to fund the venues, which have both suffered private funding problems.

According to the Times, an extra £850m to £900m is needed for the village from housing associations, private investment and the government.

But no money has been guaranteed from private firms or housing associations.

Olympic Delivery Authority chairman John Armitt has argued that more time should be allowed to reach a deal with private investors.

But according to the newspaper, ministers are under pressure to underwrite the funding to restore confidence in the project.