(The Budget)Funding and sourcing of London Olympic Games 2012 current challenges and issues - Essay Example

The budget funding and the capital sourcing for the 1948 London Olympic Games was more straightforward than now, as everything was paid for directly by the British taxpayer.1 Besides at that stage less extensive sporting facilities were required as there were fewer sporting events and there were also participants and spectators than expected for the London Olympic Games of 2012. Put simply to be ready for the London Olympic Games of 2012 the British capital has to build new sporting facilities as well as updating its available accommodation, and travel infrastructure.

In 2012 it would not be acceptable to house either athletes or spectators in old army barracks to keep costs down as happened in 1948.2 The organisers of the London Olympic Games of 2012 also have to think about extensive security measures as the 7 / 7 attacks demonstrated London’s vulnerability to terrorist attacks.3 Modern Olympic Games have actually needed a great deal of direct capital investment from both the private sector and also the private sector organisations and sectors in order to construct world class sporting facilities alongside suitable accommodation for athletes and spectators as well as effective travel infrastructures.

Most of the modern Olympic Games have gone over budgets, even if the majority of construction work was done before the games started. The British government has also had a past record of building projects and various venues that have gone over budget and being late, for instance the Millennium Dome and the Scottish Parliament building.4 Recent Olympic Games such as those in Sydney 2000, Athens 2004, and the latest in Beijing 2008 all managed to boost great sporting facilities besides suitability impressive accommodation and travel infrastructures.

These Olympic Games were all very expensive to host and required significant amounts of budget funding and sourcing to be staged effectively.