Coe says 2012 Games on track to stay within budget

Updated: Mar 20, 2012, 09:53 AM IST

Rio de Janeiro: London organising committee chairman Sebastian Coe said there is still a "healthy contingency left" to keep the 2012 Olympics 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 organising 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. It`s 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 9.3 billion pound (USD 14.6 billion) spending plan.

Coe visited a training center for Brazil`s Olympic team, saying he is "impressed with the facilities" he saw. He said Brazil shouldn`t focus on winning medals in 2016, but instead should prioritize giving incentives to its athletes.

Coe said it`s important Rio organizers maintain a close relationship with the IOC coordination commission responsible for helping the host city prepare for the games.

"There`s not a day that goes by in the delivery of the games where you don`t learn something," he said.

"And you do rely upon previous experiences, you do work closely with the International Olympic Committee, because the coordination commission is made up of many talented people who have delivered games in the past, sometimes on many occasions.

"So wherever there is a reserve or a well of experience, it`s never a time badly spent to spend time with those people."

The commission that is working with Rio organizers, led by Nawal El Moutawakel, made a visit to the city earlier this month and said it is satisfied with preparations but warned organizers not to waste any time. (AP)