Skip to content

London Games come in $603 million under budget

Oct 23, 2012, 1:45 PM EST

458230_ORIG Reuters

Beijing organizers essentially shouted Chinese culture at their worldwide audience in 2008, spending $67 billion on the Olympics while presumably using “we’re gonna need a bigger boat” as the punch line of every meeting they held leading up to the Games.

On the other hand, London, seemingly content not competing against Beijing’s incredible spectacle, aimed to only spend about $15 billion – or less than a quarter of what the previous Olympics cost.

Somehow they still came in under budget.

“The work of the construction and delivery teams, from the ODA and LOCOG, has set a very high standard,” said sports minister Hugh Robertson of the somewhat abnormal surplus. “I have no doubt that London 2012 has set a new benchmark for the management of Olympic and Paralympic Games in future.”

LOCOG ended up with about $603 million left over when all was said and done, which is great news for the London Legacy Development Corporation since it plans to spend $467 million of that on redeveloping the now four month old Queen Elizabeth Olympic Park in east London.

The update to what will essentially be a U.K. sports version of Disneyland will keep the aquatics, cycling, basketball, and handball venues intact, and will also include 2,818 new houses and apartments in five neighborhoods, as well as three schools, three health centers, nine nurseries, and a library.

Latest Posts
  1. Pat Quinn, who coached Canada to gold in 2002, dies at 71

    Nov 24, 2014, 11:25 AM EST

    Pat Quinn Getty Images

    Canada won its first men’s hockey Olympic gold in 50 years under Quinn.

  2. Claressa Shields, Marlen Esparza win World Boxing Championships

    Nov 24, 2014, 10:11 AM EST

    Claressa Shields Getty Images

    Olympic champion Shields was named the tournament’s best overall boxer.

  3. Viktor Tikhonov, Soviet Union Olympic hockey coach, dies at 84

    Nov 24, 2014, 9:17 AM EST

    Viktor Tikhonov Getty Images

    Tikhonov led the Soviets in the Miracle on Ice game.

  4. Sun Yang failed drug test, served three-month ban

    Nov 24, 2014, 8:42 AM EST

    Sun Yang Getty Images

    Sun tested positive for a substance he could have used legally if he filed paperwork with anti-doping officials.

  5. Ted Ligety expected back shortly after wrist injury (video)

    Nov 23, 2014, 8:38 PM EST

    Ted Ligety

    Video of how he suffered the injury was posted on Ligety’s social media.

  6. Maksim Kovtun rallies to win Trophee Bompard; Grand Prix Final picture

    Nov 22, 2014, 4:24 PM EST

    Maksim Kovtun Getty Images

    It’s unlikely a U.S. man will qualify for the Grand Prix Final.

  7. Renaud Lavillenie, Valerie Adams win IAAF Athlete of the Year awards

    Nov 21, 2014, 3:10 PM EST

    Renaud Lavillenie Getty Images

    This year’s winners came from unprecedented nations and events.

  8. Ashley Wagner trails, Denis Ten leads at Trophee Bompard (video)

    Nov 21, 2014, 2:24 PM EST

    Ashley Wagner AP

    Wagner could match a Michelle Kwan feat at the French event.

  9. Angelina Jolie showed Louis Zamperini scenes of ‘Unbroken’ on hospital bed

    Nov 21, 2014, 8:59 AM EST

    Angelina Jolie, Louis Zamperini AP

    “Unbroken” film about Olympian and World War II hero comes out on Christmas.

  10. Table tennis player shoves over referee after loss (video)

    Nov 20, 2014, 5:34 PM EST

    Table Tennis

    Young Dmitry Melnichenko lost the match, then lost his cool.

  11. Joss Christensen becomes ‘mountain man’ since Sochi Olympics

    Nov 20, 2014, 4:57 PM EST

    Joss Christensen Getty Images

    Olympic ski slopestyle champion uses a chainsaw every day.

  12. Louie Vito hopes to stand out after missing Olympics

    Nov 20, 2014, 3:03 PM EST

    Louie Vito Getty Images

    Vito thought he had what it took to make the Olympic team, but judges didn’t see it the same way.

  13. Claressa Shields wins first World Championships bout in 11 seconds (video)

    Nov 19, 2014, 11:30 PM EST

    Claressa Shields Getty Images

    Olympic champion could face the only woman who beat her in the quarterfinals.

  14. Mikaela Shiffrin finishes 15th, 16th in super-Gs in Colorado

    Nov 19, 2014, 8:25 PM EST

    Mikaela Shiffrin Getty Images

    “I don’t really want to race unless I have a shot at winning.”

  15. Vanessa-Mae faces retroactive Olympic ban

    Nov 19, 2014, 1:40 PM EST

    Vanessa Mae Getty Images

    Her name could be “erased from the list of participants,” IOC president said.

  16. Rio Olympics to have some morning track and field finals

    Nov 19, 2014, 11:29 AM EST

    Shalane Flanagan Getty Images

    Eight stadium events will have morning finals, a first for Olympic track and field since 1988.

  17. IOC proposes adding Olympic events, bid reforms

    Nov 18, 2014, 4:11 PM EST

    Witters Sport via US PRESSWIRE Witters Sport via US PRESSWIRE

    The IOC will vote on 40 proposed changes to the Olympics in December.