Skip to main content
Part of complete coverage on

London Olympics delivered under budget

updated 11:15 AM EDT, Tue October 23, 2012
The forecasted cost of the Olympics and Paralympics is £8.921 billion ($14.236 billion). The English capital became the first city to host the Games on three occasions. The forecasted cost of the Olympics and Paralympics is £8.921 billion ($14.236 billion). The English capital became the first city to host the Games on three occasions.
HIDE CAPTION
Park life
A summer to remember
Men at work
Olympic Stadium: Unwrapped
<<
<
1
2
3
4
>
>>
STORY HIGHLIGHTS
  • British government says London 2012 delivered $601 million under budget
  • The total cost of the Games forecasted at £8.921 billion, rather than £9.298 billion
  • London 2012 organizers hand over the Olympic Park to legacy developers
  • $467 million to be spent on creating homes, schools, nursuries and a library

(CNN) -- The London 2012 Olympic and Paralympic Games were delivered £377 million ($601 million) under budget.

Figures released by the Department for Culture, Media and Sport show the forecasted cost of the two quadrennial events at £8.921 billion ($14.236 billion), a reduction on the predicted figure of £9.298 billion.

Overall the government says savings of £1.032 billion have been made across all areas of the Games, including £47 million on the Olympic Delivery Authority's construction and transport programs.

"London 2012 was a tremendous success, and it is a significant achievement to deliver this large and complex program on time and under budget," said minister for sport Hugh Robertson.

Rio residents evicted ahead of Games
Watch crowds react to Usain Bolt's win

"The work of the construction and delivery teams, from the ODA and LOCOG (London Organising Committee of the Olympic Games and Paralympic Games), has set a very high standard and I have no doubt that London 2012 has set a new benchmark for the management of Olympic and Paralympic Games in future."

With £480 million of the budget set out for the Games unspent, the government will now be under scrutiny as to whether the 2012 Games will deliver a lasting legacy.

The process of transforming London's Olympic Park in the east of the Britain's capital from a world-class sporting venue into a brand new area of the English capital has already begun in earnest with the handover of the site to the London Legacy Development Corporation (LLDC) from LOCOG.

The LLDC has already removed many of the temporary structures around the Park.

"The UK hosted a spectacular Olympic and Paralympic Games this summer," LOCOG chairman Sebastian Coe said in a statement. "We have now begun the first chapter of the lasting legacy we promised when we bid for the Games.

Rio hard at work ahead of 2016 Olympics

"We began our work straight after the Games to transform the venues, parklands and facilities in the Olympic Park to ensure generations to come will benefit from a golden summer.

"I congratulate my team for taking out all the temporary structures so quickly so that the job of transformation continues quickly."

Opinion: Did the U.S. tune out for the Paralympics?

The area, which will be known as the Queen Elizabeth Olympic Park, will now undergo a £292 million ($467 million) redevelopment, including the creation of 2,818 news houses and apartments in the former Olympic Village site.

"This will take some time, but the wait will be worth it," explained LLDC interim chief executive Dennis Hone.

"Queen Elizabeth Olympic Park will be a fantastic new place to live, work and visit and enjoy. This really is an opportunity to create a legacy of the type we have never seen before."

Read: Lance Armstrong's demise: How an all-American hero fell to earth

The LLDC has now taken control of the Aquatics Centre, the Velodrome and the Basketball Arena, with handball venue the Copper Box to come under its jurisdiction in November before the Olympic Stadium and press and broadcast centers are handed over in December. A decision on the Olympic Stadium's new tenants has yet to be reached.

A total of 250,000 temporary seats, 165,000m2 of tents and 140 kilometers of fencing have already been removed from venues across London, including the beach volleyball arena at Horse Guard's Parade and the Equestrian Arena at Greenwich Park.

The process is scheduled to be completed by January 2014, with 8,000 jobs, five new neighborhoods, three new schools, nine new nurseries, three new health centers and a new library to be created at the Park.

The legacy of the Games will spread beyond construction projects within the Park.

London also hopes to host a one-day road cycling race, similar to the prestigious Paris-Roubaix event, which would be open to both professionals and amateurs.

Organizers hope the inaugural race can be staged in August 2013, cashing in on Britain's recent domination of cycling.

Bradley Wiggins became the nation's first Tour de France winner earlier this year, while Team GB collected a total of 12 medals, eight gold, in the Olympic Velodrome.

ADVERTISEMENT
Part of complete coverage on
updated 9:53 AM EDT, Mon August 13, 2012
The moment that Team GB's Mo Farah won the 10,000 meters was a wonderful collision of electricity.
updated 11:34 AM EDT, Mon August 13, 2012
His blistering pace and larger-than-life antics made him the king of the track in London, and bolstered his claims to be a "living legend."
updated 5:44 AM EDT, Tue August 14, 2012
Disappointment for Nigeria's Muizat Ajoke Odumosu, who came last in the 400m hurdles final, London 2012 Olympics.
The Olympics are generally won and lost long before the opening ceremony cauldron is touched by fire.
updated 3:38 AM EDT, Sun August 12, 2012
Fans of the home side, Team GB, wave Union Jack flags during the Olympic Games
CNN's Richard Quest believes the London Games will be regarded as having brought the Olympics concept home.
updated 12:33 PM EDT, Sat August 11, 2012
Strategist Alastair Campbell says he never imagined London 2012 would be quite the triumph it turned out to be.
updated 4:57 PM EDT, Tue August 14, 2012
Award-winning director Danny Boyle celebrates the best of British music in London 2012's Olympic Closing Ceremony.
updated 9:52 AM EST, Thu January 31, 2013
From Usain Bolt's record-setting achievements to an unexpected Ugandan gold, London 2012 has provided a wide array of highlights.
updated 11:05 PM EDT, Sun August 12, 2012
CNN's Amanda Davies recaps the London 2012 Olympics from the opening ceremony on July 27 to the finale on day 16.
updated 1:02 PM EDT, Sun August 12, 2012
Mo Farah and Usain Bolt celebrate their success at the London 2012 Olympic Games by copying each other's
It's been just over two weeks since the Queen parachuted into London's Olympic Stadium, her apricot dress flapping in the breeze.
updated 8:14 AM EDT, Wed August 15, 2012
When the world's top marathon runners bid to win Olympic gold, they would do well to draw inspiration from one of the greatest athletes in the history of track and field.
updated 12:33 PM EDT, Sat August 11, 2012
Team GB supporters with their faces painted in Union Jack designs at the Olympic Stadium in London.
Alastair Campbell always thought London 2012 would be a success, but never imagined it would be quite the triumph it has turned out to be.
updated 6:21 AM EDT, Fri August 10, 2012
Adrien Niyonshuti is unlikely to win an Olympic medal, and he will do well to even finish his event, but his story is surely one of the most inspirational.
updated 12:05 PM EDT, Fri August 10, 2012
The colors of the Olympic Rings at the Olympic Park in Stratford, east London, August 2012.
Olympic fever has cheered up London and made it a more welcoming place, but will optimism be one of the legacies of the Games?
updated 2:25 PM EDT, Fri August 10, 2012
Wojdan Shaherkani's Olympic debut was short, but sweet -- the Saudi judoka said competing at the Games was
London 2012 is the first Olympics to feature women in every national team, with Jacques Rogge hailing a "major boost for gender equality."
updated 8:40 PM EDT, Thu August 9, 2012
An impoverished South Korean gymnast has not only struck Olympic gold, but also reaped a $444,000 donation in a veritable rags to riches tale.
updated 8:46 PM EDT, Wed August 8, 2012
Britain's hero Jessica Ennis is set to cash in after winning heptathlon gold, but the poster girl of the 2012 Olympics says fame is not her motivation.
updated 3:46 AM EDT, Wed August 8, 2012
China is rallying around fallen hurdler Liu Xiang after he failed to make it past the first-round heat for a second consecutive Olympics.
updated 3:30 PM EDT, Fri August 3, 2012
The first woman to win Olympic gold almost died in a plane crash, but remarkably returned to run again for the U.S. in 1936.
updated 11:04 AM EDT, Tue August 7, 2012
Don Paige could not bear to watch the race he knew he could win. The 1980 Moscow Olympics were the death of a dream for many athletes.
updated 10:21 AM EDT, Sat August 4, 2012
Ricardo Blas Jr
While Michael Phelps and Usain Bolt grab the headlines, little-known athletes from around the world keep alive the original spirit of the Olympics.
Athletes spend years eating the right foods ... and then must resist the free fast food in the Olympic village. How do they do it?
ADVERTISEMENT