Olympics update

Where previously firms were unwilling to take on such high profile jobs as the Acquatics Centre or Olympic Stadium resulting in a dearth of bidders, now market conditions have forced a rethink, reports Contract Journal (CJ).

'There has definitely been an about-turn,' one industry expert told CJ. 'This time last year the Olympic Delivery Authority (ODA) was desperate for bidders on the big contracts ... every other sector was also booming so contractors could just get on with something else. That isn't the case any more and suddenly the Olympic building programme looks much more attractive because it is guaranteed work when other jobs all around are being put on ice.'

Those eyeing work on the Olympic Village could be put off by news that funding negotiations on the project will not be finished until at least Christmas, according to ODA chief executive David Higgins.

The ODA, which is in negotiations with developer Lend Lease over the level of private funding required for the £800m village, does not expect a resolution to be reached this year. It's thought the credit crunch is to blame for the delay, said Building magazine.

Meanwhile, the London mayor's Olympics watchdog has issued a report showing that overall budget for Olympics venues had risen by £106m in the past eight months, with 'Significant additional public sector funding likely to be required to deliver the village.'