Tessa Jowell says all venues will be built for 拢574m, apart from stadium

The 2012 Olympics Aquatics Centre, Velodrome, Handball Arena and temporary venues are to be built for a combined budget of 拢574m, it has emerged.

In a ministerial statement this morning, Olympics Minister Tessa Jowell set out the most detailed breakdown yet released of the Olympic Delivery Authority鈥檚 budget for the 2012 Olympic Games.

The Games will still be delivered for a total of 拢9.3bn, but more information has been released as to where the money will be spent.

The overall budget for the Olympic venues will be 拢1.17bn. Alongside the previously-released budget of 拢496m for the main stadium, 拢574m has been set aside for 鈥渙ther Olympic park venues鈥�, which will include the Aquatics Centre, VeloPark, Handball Arena. It will also cover the costs to build the temporary Basketball Arena and the Fencing Hall, although the latter is under review. The 鈥渘on-Olympic park venues鈥� have been set a budget of 拢101m.

The budgets for these venues have not been further broken down as Jowell says they are subject to contract and therefore commercially sensitive.

The combined ODA budget for the Media Centre and Olympic Village has been set at 拢492m, though the latter will receive significant investment from development partner Lend Lease.

The largest amount set aside for construction is for structures, bridges and highways for the Olympic site, which have an anticipated cost of 拢830m. Utilities and enabling works together are expected to cost 拢619m.

The logistics budget for site construction is 拢337m, while security during the building of the Park is budgeted at 拢354m.

Half a billion pounds of contingency funds have already been released to the ODA to 鈥渕anage early cost pressures鈥�, including 拢100m for venues, 拢177m for site preparation and infrastructure and 拢208m for security, insurance, masterplanning and logistics.

Jowell said: 鈥淎fter a thorough assessment of all the potential risks associated with a development of this scale, the budget is consistent with the funding package I outlined in March this year.

"Months of careful scrutiny have confirmed that the Olympic Delivery Authority has the money it needs to deliver the venues and infrastructure for a terrific summer of sport.鈥�

The ODA is to issue a detailed summary of its aligned budget, programme and risks in the New Year.

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