A study has revealed that The London Olympics is perhaps the costliest Olympic games ever.
The cost related to just sports without including any expensive infrastructure projects has put the final bill at Ģ8.4bn. The sum includes cost of transport, security, the opening and closing ceremonies, construction of venues and the athletes' village which is 101 per cent over budget, according to a University of Oxford research.
AdvertisementStatistics of summer and winter Olympic Games of the past 50 years showed that the final cost always overshot the budget by 179 percent on an average.
Researcher Allison Stewart says: "The figures that are in the public domain are unlikely to be the full final cost of the Games, but represent 'politically acceptable' costs. The real costs are often not reported in a single place, unless significant auditing and investigation are conducted after the Games."
Lead researcher Professor Bent Flyvbjerg says: "While all major programmes are prone to cost overruns, due largely both to optimism and conscious strategic misrepresentation, overruns of the Games are in a league of their own. They are set to be the most expensive Games ever and hopefully the organizers have planned it to ensure perfect execution so the UK obtains the value for money that may justify this very large investment in a time of fiscal austerity".