Skip to content

London Games come in $603 million under budget

Oct 23, 2012, 1:45 PM EDT

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. Wushu makes its pitch at Youth Olympics

    Aug 23, 2014, 3:22 PM EDT

    Wushu

    Chinese martial arts-derived sport joins others seeking Olympic inclusion.

  2. Birmingham Diamond League preview; loaded women’s 100m, men’s mile

    Aug 23, 2014, 2:34 PM EDT

    Mo Farah AP

    Mo Farah, Allyson Felix, Shelly-Ann Fraser-Pryce in action.

  3. Usain Bolt wins 100m in Warsaw after Humvee entrance

    Aug 23, 2014, 1:22 PM EDT

    Usain Bolt

    Bolt bettered his only other 100m this year.

  4. Volleyball World Championships trophies stolen in Rio de Janeiro

    Aug 23, 2014, 8:20 AM EDT

    FIVB volleyball trophy

    FIVB Men’s World Championship begins in one week.

  5. Jamaica eyes Winter Olympics in ice hockey

    Aug 23, 2014, 7:45 AM EDT

    Graeme Townshend

    “It’s something that’s so outlandish that I think it actually might work,” coach says.

  6. John Orozco’s mom on his mind as he leads P&G Championships

    Aug 22, 2014, 11:22 PM EDT

    John Orozco AP

    Orozco is looking to win his second U.S. all-around title in three years.

  7. Bond between Gabby Douglas, Simone Biles

    Aug 22, 2014, 6:47 PM EDT

    Gabby Douglas Getty Images

    Douglas and Biles became fast friends rooming together in June.

  8. U.S. coach aids Solomon Islands triathlete in Youth Olympic sportsmanship

    Aug 22, 2014, 1:40 PM EDT

    Boris Teddy

    U.S. coach noticed a bent, old bike and decided something had to be done.

  9. U.S. Youth Olympic basketball team crushing opponents

    Aug 22, 2014, 11:54 AM EDT

    Katie Lou Samuelson Getty Images

    U.S. women undefeated in six games so far.

  10. U.S. flag bearer Kendall Yount wins Youth Olympic gold

    Aug 21, 2014, 6:08 PM EDT

    Kendall Yount Getty Images

    A U.S. Summer Olympic Opening Ceremony flag bearer hasn’t won individual Olympic gold since 1960.

  11. Sam Mikulak leads one of most decorated P&G Championships fields ever

    Aug 21, 2014, 5:01 PM EDT

    Sam Mikulak AP

    Four past U.S. all-around champions are in the field in Pittsburgh.

  12. Allyson Felix beats Tori Bowie in Stockholm

    Aug 21, 2014, 4:01 PM EDT

    Allyson Felix Getty Images

    Also, a rare defeat for Olympic pole vault champion.

  13. Gabby Douglas plans on fall training camp, 2015 Secret Classic

    Aug 21, 2014, 2:44 PM EDT

    Gabby Douglas Getty Images

    Olympic all-around champion says she’ll stay in Columbus through 2016 Olympics.

  14. Katie Ledecky wins 2 Pan Pacs titles; Missy Franklin places 3rd

    Aug 21, 2014, 11:26 AM EDT

    Katie Ledecky AP

    Ledecky nearly broke another world record.