Effects on the 2010 and the 2012 Olympics |
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Construction of facilities and venues for the 2010 Olympics in Vancouver continues, even as the global economy continues to plumit. The 1.6 billion dollar investment for the games is not over-budget as long as they can recruit a few more sponsors to make up for the 10 million dollar deficit in the budget, even when excluding the 580 million dollar budget for building new venues, according to the CEO John Furlong and Dave Cobb of the 2010 Committee. |
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Meanwhile in London, The host of the 2012 Summer Games, the Olympic Committee is being forced to make durastic cuts as the credit crunch gets worse. With four more years left in construction, the Committee has alredy sped through half of the 1 billion pound budget and is on the back end of the construction time table despite a 95 million pound invesment by the Brittish Government. Many contributors to the 2012 Games have withdrawn funds amounting to nearly 500 million pounds because of the credit crunch. This has led to a 300 million pound deficit in the Olympic Village's budget, 200 million pounds out of the private sector, and a 400 million pound hole in the Media Center's budget. |
With the numbers boiled down for the London Games, there will be 9.2 million pounds worth of tickets sold for the Olympics and Paralympics, 9.3 million pounds are to be spent after the 4,000 appartments have been cut from the revinues, and there are only 90 million pounds within the current savings funds. Besides the money problems because of the credit crunch, there have alredy been bomb threats on the London games by terrorist organizations. |
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