May 18, 2013
UK sports minister says the London Olympic games will cost less than expected.
Hugh Robertson told the BBC on Wednesday that the London 2012 games will not exceed its 9.3 billion ($14.5 billion) budget. He said he expects around 500 million ($778 million) pounds can be handed back to the British treasury.
The Olympics budget was set at 9.3 billion pounds in 2007 and is almost four times higher than the cost estimated when London won the bid in 2005. Lawmakers had expressed concerns in March that high security costs may push the Games, being held between July 27 and August 12, over budget.
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