The £5.1bn costs are double the £2.38bn estimate stated in the bid document according to The Sunday Times
The cost of building the Olympic Park will come in at £5.1bn - double the original estimate, reported the Sunday Times at the weekend.
The finalised figures reveal that the final budget for the Olympic park will be £2.72bn over the initial estimate of £2.38bn in the bid document.
![2012 Olympic Park turbine](https://d2vhdk00tg424t.cloudfront.net/MediaLibrary/s3/ubm-library/web/e/e/n/2012_turbine_lead.jpg)
This figure, drawn up by the ODA, London mayor Ken Livingstone and Olympics minister Tessa Jowell and due out next month, does not include VAT, which could add another £1bn to the cost, the paper said. It is hoped that chancellor Gordon Brown will give the Olympics a VAT exemption.
It also does not include a “contingency” fund that will cover unforeseen rises in cost – thought to be set by the Treasury at between £1bn and £3bn.
But government sources have said the final budget, including security costs, would not be finalised until nearer 2012. Sources say the security bill could be as much as £600m.
The revised Olympic Park masterplan – drawn up by architects Allies & Morrison, Foreign Office Architects, HOK Sport, engineer Buro Happold and masterplanner EDAW – will be submitted for planning permission this week.
It has been redrawn to reflect changes in the plans and to reduce costs.