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Olympic Money Pit - 111206

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Page updated - 31 July 2012

 

 

Are the British digging an Olympic Money Pit?

On 6 July 2005 London 'won' the bid to host the 2012 Olympic Games. As soon as I heard the news, I believed that many in the UK would eventually 'rue the day' of that decision. In 2005 the projected cost was a staggering 2.37 Billion, that is 2,370 Million or 2,370,000,000. At the time my scepticism 'told' me that this would be a gross under-estimate. As I write this, it is now December 2011 and the projected cost is now expected to be in excess of an obscene figure of 9 Billion!  There is a 'rumoured' cost of 1 Billion for 'security'. Yeah Gods. Currently, I believe the 'security' cost is included in the 9 Billion but I am not 'holding my breath' that the final cost will not increase.

 

Now for a bit of basic arithmetic.

There are about 62 Million inhabitants in the UK. Assuming that this figure is correct then the average cost to EVERYONE in the UK is as follows:

Security (only) - 16-13 each and the 2012 Games (excluding security) - 129-03 each. A quick addition gives an average cost of just over 145 for EVERY resident of the UK. This should be reduced by whatever Revenue is generated by the event. However my scepticism for 'fair play' with the financials leads me wonder if the public purse will be reimbursed by monies generated by the 'Games' or if 'some' of this money will 'find' its way it private pockets.

 

Sadly, I have no indication that the legacy, or aftermath, of the Olympic facilities will be much different to those of the Millennium Dome. The Millennium Dome was another Government-lead project that cost about 750 Million and failed to attract the number of visitors that were expected. After its period of use during the year 2000, and despite being available it was unused until 24 June 2007. Lord Falconer reported the Dome was costing 1 Million a MONTH to maintain. I can only hope that the Olympic Games Facilities will not leave us with the same legacy.

 

Question.

The 2012 Summer Olympic Games are scheduled to take place between Friday 27 July 2012 & 12 August 2012 and the 2012 Summer Paralympics Games 29 August and 9 September 2012. If, just to make the maths really easy, the 'Games' were to take 30 days then if we divide the 9 Billion by 30 days this gives an UNBELIEVABLE 300 Million a DAY.

 

Currently, there is a dire social, financial & manufacturing (or non-manufacturing) situation in the UK and this will probably get worse before it gets any better. With this in mind, how can anyone possibly believe that 'hosting' the 2012 Olympic Games in the UK is acceptable?

 

If you agree or disagree, I will be interested in receiving your comments via email.

(Tony - 07 Dec 2011)

 

Other Facts - Alleged Costs:

Olympic 'ArcelorMittal Orbit' Tower (115 metres / 374ft of public art or scrap metal?) - 22.7 Million

19.6 million from Lakshmi Mittal (steel magnate) & 3.1 million from the Greater London Authority

Weight approx 1,400 tonnes of steel. 22.7 million divided by 1,400 tonnes equals 16,214 per tonne

Olympic 'Jurassic Stones' in Weymouth (Chunks of old stones on 17 poles) - 332,291

Stainless Steel (Fabrication & install) - 166,000 / Artists Fee - 27,206 - Figures from Arts Council

Opening Ceremony - 27 Million.

Ceremonies - Other (Promotion, Meetings, Parties, etc.) - 14 Billion (Triple the original budget).

Final for 2012 Olympics now expected to be about 24 Billion

Ten times the original 2005 projected cost of 2.37 Billion).

This would make the cost an obscene 800 Million a DAY.)

Raw materials for medals:

Gold - 410 / Silver - 210 / Bronze - 3 (yes just three pounds)

(Tony - 31 July 2012)