Fears over Olympics village funding

My Account
Logout

Create an Evening Standard Account

Use your social network

Save time by using your existing account to sign in to Evening Standard

We'll never share your information or post anything to your account without your permission

Welcome! Sign in here

Use your social network

Save time by using your existing account to sign in to Evening Standard

We'll never share your information or post anything to your account without your permission

Forgot your password ?

Registration

* indicates fields that are mandatory

Email *

Password *

Confirm Password *

First name *

Surname *

Postcode *

Country *

Mobile phone number

Username *

Gender *

Year of birth *

When you sign up...

You will have access to all our online competitions, discounted offers and can post comments on our site.

You will also receive The Weekender newsletter sent every Thursday - it’s full of fantastic offers and ideas for the weekend. You can update your email preferences in your account page when you log in.

Other newsletters and emails

Homes & Property Newsletter - Yes I want to receive the weekly email with all the latest news on property in the capital

Occasionally we would also like to send you relevant emails detailing specific offers either from ourselves or carefully selected partners. If you would prefer not to receive these then please tick the appropriate boxes below. We will never pass on your details.

I do not want to receive additional offers and information from the Evening Standard

I do not want to receive additional offers and information sent by Evening Standard on behalf of carefully selected partners

Terms and Conditions

* I have read, understood and agree to be bound by the terms and conditions of Evening Standard

Registration

Mail Sent for Registration Confirmation.

A confirmation email has been sent. Please activate your account by clicking on the activation link sent in your mail box.

Lend Lease, the Australian company which is building the village with the ODA, admitted it is struggling to raise its share of the funding due to "current market conditions".

A spokesman for the ODA then pledged that any extra public money for the athletes' accommodation will be found from within the existing budget despite a National Audit Office (NAO) warning that the budget is already under strain.

The NAO highlighted the lack of a deal for the construction of the east London village, which is expected to cost more than £1 billion. The ODA had expected to secure a deal by last December, but now hopes to finalise it by the end of the year.

It intends to contribute £550 million to the village which would leave Lend Lease with around £450 million to secure of the estimated cost.

Lend Lease would not say how much it is planning to contribute due to the ongoing contract negotiations but admitted it is struggling to raise enough cash. If Lend Lease's share of the cost reduces, the ODA will be left to make up any shortfall.

ODA chairman John Armitt said: "Given the challenging economic environment, we are in ongoing discussions about the level of public investment in the Olympic Village. We expect to finalise this later in the year."

He told the Guardian newspaper the Government "will have to come in and support the village - that is understood". But an ODA spokesman said that would not mean dipping deeper into taxpayers' pockets.

The NAO report urged ODA to hold a "firm line" as plans are developed, or risk overshooting the budget.

The "legacy" plans for individual venues - including the Main Stadium, where it has not been decided whether to accommodate football, rugby or both alongside athletics - are still being finalised.