Saturday, July 17, 2010

Ownership Questions Threaten Future of London's Olympic Stadium

THe UK Government is reportedly stalling the handover of ownership of the 2012 Olympic Stadium in London to the Olympic Park Legacy Company, which is in charge of securing renters and users for the stadium after the 2012 Olympics end. BBC Olympics Correspondent Adrian Warner says this could cause business entities interested in operating the stadium after the Olympics to walk away.

The problem is that the last Government promised to hand over ownership of the Olympic Park to the OPLC, debt-free, so that it could do the financial deals to sell or rent out the venues to the private sector after 2012.

It's a pretty fundamental action to take. Would you be able to sell your house if you didn't have ownership of it or possess the deeds? No chance.

But the new coalition Government has now put that decision on ice, while the Treasury reviews financial decisions taken by Labour.

Delays will make 2012 'white elephant' fear a reality
July 6, 2010