John Armitt, chair of the Olympic Delivery Authority, speaking at Labour conference fringe meeting:
"The reality is that the situation is changing by the day and the amount of finance that was available six months ago, a lot less than that was available two months ago and less than that was probably available last week," he said. Getting a loan from the private sector for just about anything at the moment is just about impossible.
And that goes for most businesses. In the meantime we've gone on with building the Olympic village. We are continuing our negotiations with Lend Lease and the banks. I'm very confident that we probably have more than half of the village covered. But it's a question of how much we finish up getting from the private sector."
As reported by the Telegraph. Hands up who's surprised to hear this news? Someone? Anyone?
