London Olympics organising committee doubles the funding

Hit with the global economic downturn, the London Olympics organising committee faces significant budgetary challenges in the runup to the mega event next year. Its president Sebastian Coe, however, believes the increase in Games’ budget will be an investment for the future of the city.

“It is not just simply organising Olympic Games, it also brings the infrastructural and transformational changes to London,” said Coe during his trip to Beijing to attend the International Paralympic Committee (IPC) General Assembly Sunday.

“Olympic and Paralympic Games last for 60 days. But this legacy of change will last for 60 years.”

The British government last week doubled the venue security bill to 553 million pounds, and an extra 13,700 guards, including soldiers, will be needed on top of the 10,000 already planned, Xinhua reported.

The four ceremonies for the opening and closing of the Olympics and Paralympics also had their funding doubled, with 41 million pounds added to the 40 million already allocated.

Coe pointed out that 75 percent of the 9.3 billion pound London Games’ budget went towards the betterment of London.

“The organising committee budget for ceremonies has not altered, that has remained constant,” explained Coe. “When we showed the opening ceremony to the prime minister and the mayor of London, they both decided it was something they want to invest in. It was a way of showcasing the United Kingdom to four billion people.”

Coe also emphasized London’s particular assets – historic, cultural and sports-crazed – to create an Olympic experience that was different from the “extraordinary” Beijing Games.

“Each Games has its own priorities and passions and for us London is all about delivering on our vision to stage spectacular Games for athletes,” added Coe.

Coe’s vision has been guided by the belief that the Games should function more as an inspirational starting point than a fabulous final chapter.