It was announced Tuesday that the main Olympic stadium for the London 2012 Summer Olympic Games is now expected to cost 525 million pounds, an increase of 29 million pounds since November. The increase is part of an overall 106 million pound rise in all venue costs.
London’s Mayor Boris Johnson ordered a review of the estimated costs.
In 2005 London’s bid document showed the stadium was originally priced at 250 million pounds.
The figures are part of a high level review of London’s preparations for the Games commissioned by the newly elected mayor.
According to the review, the squeeze on the banking system, falling house prices, the rising cost of oil and raw materials, and the terror threat will add “significant pressure” to the aspects of the Olympic project.
