Mr Bell says a row of houses is in danger of slipping into the Clyde
A leading figure at the New Lanark World Heritage Site has said too much lottery funding is being spent on the London Olympics.
Arthur Bell, chairman of the conservation trust that runs the 18th Century village, has warned sites like New Lanark are suffering as a result.
He has previously voiced concerns that a wall might collapse due to lack of funding for vital restoration work.
A local politician has raised the issue with Culture Minister Linda Fabiani.
The New Lanark cotton mill village is one of five Unesco World Heritage Sites in Scotland.
In an interview with BBC Scotland, Mr Bell said part of the historic site was in danger of falling into the River Clyde if the cash to fund the completion of vital repair work was not found.
He said: "I think there is a perception in Scotland certainly, that there is an awful lot of money being siphoned off to go to the east end of London, and while we wish everybody the best in 2012, we don't want to see our heritage put at risk because of cycling or swimming."
He added: "The necessity is now to get the rest of the wall done, before a row of houses in the world heritage site could gradually slip down towards the River Clyde."
The New Lanark Trust was recently refused a Heritage Lottery Grant to fund the restoration of the wall.
Carole Souter, chief executive of the fund, said: "The proposals for this project had much to recommend but in such a highly competitive round we were simply unable to fund them."
The Heritage Lottery Fund admitted that more money was being spent on the London Olympics.
Central Scotland MSP Aileen Campbell has raised the issue of New Lanark's future in a parliamentary question to the Culture Minister Linda Fabiani.
Responding, Ms Fabiani said: "We are fully committed to protecting all our World Heritage Sites.
"I know concerns have been raised about retaining a wall in New Lanark and Historic Scotland is involved in ongoing discussions with the Trust about this."
She added: "They have already provided grant aid of £86,000 and are awaiting information on the costs for the repair of further sections of the wall."