ODA refuses to make Lottery money guarantees 10/03/2010 |
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The Olympic Delivery Authority (ODA) has said it cannot guarantee the £2bn of National Lottery money taken to fund the 2012 Olympics will be returned.
It was hoped that profits from land sold after the London Games would reimburse the Lottery, but there are doubts over the future value of the land.
Asked if money will be available, ODA chairman John Armitt told the Commons Public Accounts Committee (PAC): "I would not guarantee anything.”
At a hearing looking at preparations for London 2012, Edward Leigh, chairman of the PAC, told Armitt: "The Lottery has given up £2bn – it is absolutely essential they get some of the money back.
"You cannot possibly guarantee they will get the money back? It is possible the Lottery would not get any money back."
Armitt replied: "I would not guarantee anything." But he added that there would be "development gains" after the Olympics.
Jonathan Stephens, the culture department's permanent secretary, said the aim is for the Lottery to get a share of the profits from the development and regeneration of the Olympic Park in Stratford, east London, after 2012.
He told the MPs: "This is a long-term investment and development programme. Over that sort of scale these sorts of investment are realisable but it is a long-term development programme.”
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