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Unlike many of the financial disasters that have been associated with the Olympics (Nagano, Greece and Montreal, to name a few), the summer games in 2012 have ended up costing London at least £377 million ($602.5 million) under the estimated £9.28 billion. Hopefully this can become the new trend associated with the Olympic Games for future host cities.
The London 2012 Olympic and Paralympic Games have come in £377m under budget, according to the latest government figures.
The overall cost of the Games is forecast to be £8.921bn from a budget of £9.298bn.
With some contracts still to be wound up after the end of the Games, ministers are describing the underspend as a "prudent" estimate. The sports minister, Hugh Robertson, described the feat of managing the complex programme within budget as "a tremendous success".
He said: "The work of the construction and delivery teams, from the ODA [Olympic Delivery Authority] and Locog [London Organising Committee of the Olympic and Paralympic Games], has set a very high standard and I have no doubt that London 2012 has set a new benchmark for the management of Olympic and Paralympic Games in future."
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