Britain’s Culture Secretary Tessa Jowell and London’s Mayor Ken Livingstone agreed to a deal that would split the cost of staging the 2012 Summer Olympic Games.
The plan would see the estimated 2.6 billion pound-cost split between a 1.5 billion pound package from the government and 1.1 billion pounds provided by London – half through the London Development agency and half through council taxpayers.
The mayor said “the meeting was extremely positive and constructive and I’m delighted that we have been able to agree to a robust financial package that will enable an Olympic bid to be made.
“It is a fair deal for London. Overall, we can expect five billion pounds in investment for a maximum contribution of taxpayers of 550 million pounds”.
The package will be presented to the British Cabinet Thursday, which will then decide whether the bid should go ahead.
