Aeriel view of the Stadium during the Games.
Credit: London 2012.

The London 2012 Olympic Park is on time and on budget, according to the organisers, who are looking ahead to kick-starting the games in exactly three years to the day.

The Olympic Delivery Authority (ODA) and the Olympics Organising Committee are celebrating news that the construction is on time and on budget – a realisation that will please many – with a tour of the Olympic Park for Team GB and Paralympics GB athletes, Mayor of London, Boris Johnson and Olympics Minister, Tessa Jowell MP.

The costs had been subject to some criticism in the past as construction expenditure had risen steeply. However, the London Organising Committee of the Olympic Games (LOCOG) has raised nearly £500 million from the private sector towards the £2 billion budget to stage the games, and Janet Paraskeva, Chair of the Olympic Lottery Distributor said that the National Lottery has raised £580m.

According to the latest update from the ODA, the external structure of the Olympic Stadium is now complete; work is continuing on the Olympic Village and Velodrome; and the roof of the Aquatics Centre is over half-way finished. 

London 2012 Organising Committee Chair, Lord Sebastian Coe, said: “There is a tangible sense of excitement building and a genuine sense of belief that the Games in 2012 will not only be a source of intense national pride, but that the benefits will be felt for generations to come.”

John Armitt, Chair of the ODA, commented: “Building the venues and infrastructure needed for the 2012 Games and legacy is the largest construction project in Europe.”

However, Mr Armitt, warned that although the team were making good progress on the site, there is no room for complacency: “The year ahead is a challenging one as activity on site reaches its peak.”

Last week, the ODA announced that construction had begun on the Handball Arena – nearly two months ahead of schedule. This landmark means that the construction of all new permanent venues is now underway.

CEO of the London Development Agency, Peter Rogers, said: “We are delighted to have reached this milestone and look forward to a smooth transition of the project over to the Olympic Park Legacy Company.”