ODA gets extra cash to keep Olympic venues on track
13:24 21 Jan 2009
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Chancellor Alistair Darling will today give the go-ahead to release further cash from the Olympic contingency fund to keep construction of the London 2012 venues on track.
The Olympic Delivery Agency requested emergency funding to fill the gap left by the failure to agree developer finance on the Olympic Village and Media Centre.
Extra cash will be drawn down from a £1bn contingency fund within the overall £9.3bn Games budget, controlled by the Funders' Committee chaired by the Chancellor.
Carillion is due to start work on the £380m Media Centre in March but the project is understood to face a shortfall of £160m.
The ODA said talks were ongoing with developer Lend Lease about raising £450m of the £900m cost of building the Olympic Village.
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