Times article ‘nothing new’ says Coe

Olympic Games chief Sebastian Coe has branded today’s claims by The Times newspaper that the 2012 Games will need billions in further investment as ‘nothing new’.

Exactly a year since the successful bid was announced, the newspaper claim that tax-payers will have to pay out an additional £1.5bn to ensure facilities are ready on time; the current funding allocation is £3.1bn.

Lord Coe told the BBC One o’clock news; “The Times is not saying anything new – this is a debate we have been having since Singapore last year.”

The extra cash will also be used, say the newspaper, to fund the spiralling security costs and aid the regeneration of the London’s Lea Valley, the area due to be transformed for the 2012 Games.

Lord Coe added: “We are on schedule. The International Olympic Committee has said we are at least a year and a half in advance of any other Olympic city at the same stage.”

The first bid anniversary is being marked with a party in Trafalgar Square this afternoon, which coincides with the launch of the 2012 Games Roadshow.

A double-decker bus will travel 3,000 miles and make 50 stops to promote the Games around the country.