Calling Paris!

Guys, you still want them?

Taxpayers may have to come to the rescue of building plans for the London Olympics because the project has been hit by the global credit crisis.

Australian-owned Bovis Lend Lease, which was selected last year to construct the £2 billion Olympic Village in east London, is struggling to raise money to finance the project.

Bovis Lend Lease intends to build 4,200 homes, lease them back to the Government to house athletes and officials and then sell or rent them afterwards on a profit-share arrangement.

But with house prices declining and fears of a crash, it is impossible to estimate the price, or rent, the company will be able to secure for the flats after the Olympics.

Anyone got the Hotel Matignon\’s number?

1 thought on “Calling Paris!”

  1. It would be interesting to know the situation with contracts, both with the IOC and the various providers, were the 2012 Olympics to be simply cancelled, which is probably the best thing that could happen.

    Sure it would cause a fuss, but it might also break the whole corrupt olympic regime, and cause the system to be reestablished on a saner basis. A permanent olympic location (Athens would be the obvious choice) would be the easiest way to put a stop to the whole circus of crime and waste.

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