The BBC's Mihir Bose:
The British government may have to step in and guarantee bank loans for developers if enough funding is to be raised for the construction of major Olympic projects in 2012, such as the Olympic Village and the broadcast and media centres.
In July, Bose was told all the funding would be sorted by August. It is becoming clear that this has not occurred. Cost cuts could be just around the corner. Meanwhile, the GB - Gorgeous Blond - himself, has announced the line up of his Legacy Board of Advisors, "to assist him in securing the best possible future for the Olympic Park after the 2012 Games," it says here. It also says:
It will advise the Mayor on how to maximise the regeneration benefits for existing and new communities in East London while ensuring an appropriate return on the public investment in the Park.
The more that investment rises, the more important a good return becomes. Mayor Johnson continues to position himself as the guardian of value-for-money. Will this make much real difference? As with most things 2012, we must hope for the best while not necessarily expecting it. Sigh.
UPDATE, 3pm: More on this from Hélène Mulholland.
