Word: londonized
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...Finances Naturally, some Londoners are worried that organizers won't be able to stick to their ?9.3 billion ($14.8 billion) budget and taxpayers will end up shelling out any extra money required. Of the public Olympic financing bodies, the British government is kicking in nearly ?6 billion ($9.5 billion), the National Lottery ?2.2 billion ($3.5 billion) and the city government ?1.2 billion ($1.9 billion). There's also a second budget of ?2 billion ($3.2 billion) that is being privately funded. Still, it's difficult to say how much will eventually be spent to host the event. "No one will ever...
...Infrastructure The majority of the 26 sports will be held in venues at the brand new Olympic Park in Stratford, East London. Construction is underway at the park's "Big Five" venues - the main Olympic stadium, the aquatics center, the velodrome, the Olympic village and the broadcast/media center. London is on track as far as timing and budget are concerned, which is a feat considering this is the largest building project anywhere in Europe, said John Armitt, head of the Olympic Delivery Authority. The International Olympic Committee has also taken notice: Chairman Denis Oswald said recently he is "greatly impressed...
...East London, one of the least developed regions of the city, looks set to benefit in the long term. When the Games are over, the Olympic Village will be converted into nearly 3,000 new homes, more than half of which will be set aside as affordable housing. East London will also have new education facilities, retail and office space and a world-class transport hub. "We're building [all] this with the Games and legacy in mind," says Joanna Manning Cooper, spokeswoman for the London Organizing Committee of the Olympic Games (LOCOG...
...there are some concerns that costs could spiral out of control. London Mayor Boris Johnson has put forth a plan to cut ?20 million ($32 million) from the budget by holding certain events (boxing, shooting, rhythmic gymnastics and badminton) in existing venues such as Wembley Arena - even if this means longer transport time for athletes staying at the Olympic Village. In response to recent opposition from the Olympic Board, which in addition to Johnson includes Lord Sebastian Coe, the LOCOG chairman, the ever-quotable Johnson evoked former Soviet leader Nikita Khrushchev, saying: "If I have to take my shoe...
...Transport Transport authorities have been making steady improvements in the city's Underground system for a number of years, including extending the Jubilee Line to Stratford for the Games. Four new stations are also being built on the Docklands Light Railway system in East London, including two in Stratford. But above ground, there have been a few bumps along the way. Every host city has to designate a network of roads, known as an Olympic Route Network, which will be used by athletes and officials to get to the event venues. London police have expressed concern that the lanes reserved...