Final bill for 2012 velodrome doubles to £80 million

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In another embarrassing price increase, Olympics chiefs confirmed the budget for the 2012 aquatics centre, which is planned for Stratford's Olympic Park as well as the cycling facility, has more than tripled to £242million.

Officials said the extra money would fund a dramatic bridge between the pool and Stratford railway station, forming the eastern "Gateway to the Games".

The velodrome disclosure comes only five months after Olympics minister Tessa Jowell told Parliament the budget for the venue stood at £40 million.

Olympic Delivery Authority chiefs said the venue had expanded to become a "VeloPark" which, apart from the 6,000-seat indoor track, will also house a BMX circuit, with mountain bike courses added after the Games.

The cost of the 2012 VeloPark has drawn comparisons with the relatively cheap £20 million Manchester Commonwealth Games cycling facility.

Shadow Olympics minister Hugh Robertson said: "Today's figures dramatically illustrate the total inadequacy of the original bid figures. The worst example of this is the velopark - they are relatively easy to cost and to have seen the cost double between the bid and the contract is inexcusable."

ODA chief executive David Higgins said: "All of these venues will provide state-of-the-art facilities for 2012 but also provide a permanent legacy."