2012 The Cost
Can London afford the Olympics?That is the question plaguing the minds of ministers and Londoners alike.
Culture Secretary Tessa Jowell and London Mayor Ken Livingstone have initially agreed a £2.4 billion funding package for the games, with the bid costing an estimated £17 million. Businesses, the LDA and the government will cover the preliminary costs.
The Department of Culture and Sport took financial considerations very seriously when launching the bid and put together several innovative funding schemes including an Olympic Lottery and increases in council tax.
Tessa Jowell said: "I believe the cost should be borne at least in part by those who would most benefit."
With the financial spectres of the Millennium Dome and the new Wembley Stadium still hanging over them, the government has included a 50% contingency in their figures. Tim Vine of the Department of Culture and Sport admitted it was very difficult to pinpoint the cost at such an early date.
The lottery is the biggest contributor to the bid. The Olympic Lottery will involve a weekly draw with cash prizes between £20 and £200,000.
A twice-yearly Olympic Mega Draw will cost £5 to enter and offer cash prizes of £10 - £15 million with themed non-cash prizes including holidays to Olympic resorts. There are also plans for a new Olympic lottery television show.
Camelot’s Chief Executive, Dianne Thomspon, said: “We are thrilled to have been asked by the government to raise money for the London Olympics. It is a responsibility that Camelot takes very seriously which is why we have already developed these robust game concepts.“
As the host nation, the revenue raising potential is awesome and the tourism industry has embraced it with open arms.
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