IOC will not rescue the troubled 2012 Olympic Games

The International Olympic Committee (IOC) has stressed it has no resources to help 2012 chiefs combat the recession or keep its £9.3bn budget on track.

IOC bosses suggested the government should help bail out the London Games, which are riddled with uncertainty as finance agreements with developers wobble.

Plans for the £900m athletes village and £400m media centre are still in doubt as their developers struggle to raise finance for the projects.

ICO Olympic Games executive director Gilbert Felli told London organisers it was up to them to address the impact of the global financial crisis, according to the Financial Times.

“Long-term investment was committed by the time of the bid. Governments have to invest when it is difficult,” he said.

London 2012 chairman Lord Coe reiterated at the debriefing session on Beijing that London was “not scaling down the Olympic Games. We will deliver an Olympic Games, one that serves the athletes as well as any Olympic Games should.”