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Page last updated at 15:52 GMT, Saturday, 18 April 2009 16:52 UK

2012 stadium on track, says Coe

Lord Coe
Coe is confident over the construction for the London 2012 Games

London 2012 chief Lord Coe insists building work for the Olympic stadium is four months ahead of schedule.

And despite the current credit crisis, Coe says Games fundraisers are well on their way to reaching their £700m target from private backers.

"Financially we're in good shape and construction-wise slightly ahead of the game," Coe told European athletics bosses in Lausanne, Switzerland.

"We're ahead of schedule which is crucial as we'll want to test it."

Coe, the chairman of the London Olympic Organising Committee, told the European Athletics Association's congress that sponsorship and commercial investment for 2012 has now passed the £1.5bn mark.

"We have a stretch target of about £680m to £700m from the private sector and we've reached, just about a month ago, the £500m mark," he said.

"The final £180m will of course be tough, but it is in any organising committee. It's also tough under any economic circumstances."

Coe admitted that London has had to draw on a public contingency reserve for work on the Olympic village while thrashing out deals with private backers.

But he added: "We should have reached a solution to that within the next month or so.

"My commitment today is that the village will be as good as any village the athletes have stayed in."

The UK government has recently revealed that the cost of the Olympic stadium had risen by 10% in the space of a year to £547m and other venues would also cost more to build than initially estimated.



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see also
Work begins on Games media centre
17 Apr 09 |  London
Aquatic Centre's wave roof lifted
31 Mar 09 |  London
Olympic school gets the go ahead
03 Apr 09 |  London
Union plans Olympic jobs protest
17 Apr 09 |  London
Olympic projects receive bail-out
21 Jan 09 |  UK News
Peers urge EU role in 2012 plans
11 Mar 09 |  UK Politics
Jowell admits to 2012 cash fears
09 Dec 08 |  UK Politics
We won't try to top Beijing - Coe
20 Aug 08 |  London 2012
Coe joins 2018 World Cup bid team
18 Feb 09 |  Football
Profile: Lord Coe
31 Dec 05 |  Olympics 2012
Lord Coe defends Olympics
16 Jan 09 |  Scotland
Lord Coe returns to Olympic roots
11 Jul 08 |  London 2012


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