Sebastian Coe, chair of the London 2012 Olympics organising committee has said the economic downturn will have no effect on the Olympic spectacle that is planned for the 2012 Games.
Reuters reports that Coe said the organisation had been protected against the financial turmoil by committing early to a smaller scale vision for the Games than Beijing, bringing Tier One commercial partners on board before the Beijing Games, and the £2 billion contingency fund from the UK government which has helped keep construction work on schedule.
“With some luck and I like to think a little bit of judgment ... we will deliver in exactly the same way as we envisaged delivering four years ago,” Coe said.
“The London Olympic Games project is absorbing the impact of the global economic downturn, and is on track and ahead of schedule in key areas.”
