Olympics on track, report says

THE building of the Olympic Stadium is on time and on budget, the government’s yearly report said.

Overall funding for the 2012 Games remains at �9.3 billion, the Olympic Delivery Authority’s annual figures showed today.

Construction of the site in Newham is almost 80 per cent complete.

The Velodrome for bike racing is on course to be the first Olympic Park venue to be finished.

ODA chief executive Dennis Hone said: “Around �780m [has been] saved since the start of the project to keep us within budget.”

The government is holding back �27million for costs that may arise when the Games are staged.

A total of �22.5 million is being split between local authorities to pay for street cleaning and transport costs.

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Tower Hamlets is getting �1.1 million.

On Friday, Premiership football team West Ham announced it had successfully bid to take over the Olympic Stadium after the Games.