Olympics still on track to stay within budget, says Coe

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Olympics still on track to stay within budget, says Coe

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London organising committee chairman Sebastian Coe said there is still a 'healthy contingency left'.

20 March,2012 06:38 pm

He said the 2012 Olympics can be kept within budget.At a meeting with organisers for the 2016 Rio Games on Monday, Coe said the public and private spending targets for the 2012 Olympics are within the parameters established in 2005.The two budgets for the Olympic Games, the operating budget to the organizing committee, which is extensively raised through the private sector - sponsorship, television revenues, ticket sales - that was set in 2005 and it remains at that figure. Its balanced and we will deliver within that framework, Coe said at a news conference.The other budget, which of course is the infrastructure budget, again, remains inside that budget with still a healthy contingency left.The cost of the games has sparked resentment from some Britons at a time when the government is preaching austerity and cutting programs.A British government committee warned earlier this month that the London Olympics could go over budget, adding that unexpectedly high security costs would make it hard to stay within the £9.3billion spending plan.Coe visited a training center for Brazils Olympic team, saying he is impressed with the facilities he saw. He said Brazil shouldnt focus on winning medals in 2016, but instead should prioritize giving incentives to its athletes.