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Finance

So who profits from Olympic developments?

Property speculation

Labour MP Clive Betts has highlighted the need for transparency in public private sector deals for delivery of the Olympic developments and has called for parliamentary scrutiny of such arrangements. Deals were being discussed with Stratford City Developments ahead of consent for the Olympic bill to ensure conversion of flats into housing for 4,500 athletes (R. Booth, The Guardian, July 29, 2005). In 2003, the consortium Stratford City Developments and the LDA agreed not to frustrate the other's planning applications. The Guardian article notes: "A director of the consortium, Sir Stuart Lipton, was also a senior government advisor on the Olympics plans at the time of the co operation agreement. He was later forced to resign from his post as chairman of the Commission for Architecture and the Built Environment following accusations of conflict of interest between his role as government adviser and a leading private developer".


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Cash crisis looms

The £550 million funding for the London Olympics will initially come from London council tax payers, £1.5 billion from the National Lottery, followed by a further £75 million from council tax, and £250 million from the London Development Authority (LDA). The International Olympic Committee (IOC) insists that host cities underwrite all liabilities. £15 million was spent on the London bid alone (Blowe, 2004; 2005).


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Not only but also in Nigeria

We're now all quite familiar with the fact that Mega Events invariably go way over budget. insideworldfootball has the latest, revealing FIFA under-17 World Cup cost more than double the budget


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Raising the bar

Nice work if you can get it. The 228 permanent staff at the ODA are enjoying an average wage of £67,000 plus an average bonus of £13,700 on top, plus expenses of course. See

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Summer’s not a good time for a snow job

The IOC’s Vancouver 2010 marketing report was quietly published on July 6 lifting the lid a little on VANOC's financial information blackout, as

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No party for the rich?

Deighton was powerful enough to have become the 458th richest person in the country when he applied for the Locog position. He could afford the massive pay-cut

In one of two largely puff pieces in today's Guardian we're treated to a profile of LOCOG Chief Exec Paul Deighton's bankster past with Goldman Sachs. So we have some idea of where he's coming from in the second which leads:


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Unpaid McJobs Available in the Olympics

Olympics McJobs: photo: fakelvis  on Flickrphoto: fakelvis on Flickr


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Higgins inadequately rewarded for awesome budget savings!

Today Mr Higgins kindly sent me an email message in which he said:

'We remain within budget and on track to complete the vast majority of the venues and infrastructure with one year to go.'


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