£1bn deal to build 2012 Olympic Village venue faces collapse over credit crunch

Well we reminded you all on Wednesday the 18^th June just 7 days ago!!!!!

That the Olympics budget will inflate to a minimum of £15 Billion. Just in case you did not believe us, here comes the next bit of proof!

Read it and weep after all its your pocket they are picking!

A £1 billion deal to fund the biggest venue on the Olympic park in East London is in jeopardy as the developer struggles to raise capital because of the credit crunch.

It is almost certain that the taxpayer will have to bail out the project, which could collapse if the Olympic Delivery Authority (ODA) cannot agree new terms with the contractor.

Lend Lease, an Australian company, is having trouble raising its £450 million share of the investment because of the unwillingness of banks to lend in the current economic climate and the downturn in the housing market. (How come a British company did not get the contract? So that’s yet more of the tax payers cash being filtered OUT of the UK economy on a project we are all being told is “Good for Britain”!!)

David Higgins, chief executive of the ODA, admitted that a deal would not be completed before Christmas. However, Lend Lease issued a warning that it may walk away from the deal, leaving the Government to foot the entire bill for the Olympic village.

It will not be long before a big sponsor pulls out, Just wait and See!!!!