Bloomberg reports London 2012 organizers may have to tap into a government contingency fund for the 500 million pounds they’ve been unable to raise from private sources due to the collapse of credit markets.
Still lacking is financing for the one billion pound Olympic Village, a 3,000-apartment complex for athletes during the Games, and a 400 million pound broadcast centre.
The 500 million pounds is reportedly extra money that may be needed for construction, although a spokesman for Olympics minister Tessa Jowell said that amount isn’t final, adding that the U.K. government, the Olympic Delivery Authority (ODA) and developers are still negotiating with banks over possible funding for the village and broadcast centre.
