Is it too early to call it a crisis? On the surface, yes.
EGi News has just revealed that a crucial agreement that would see the London Development Agency transfer its Olympic land and circa £800m land assembly debt pile to Treasury has stalled and will be delayed by up to six months.
An LDA Board meeting had been convened to rubberstamp the agreement this morning. But a report from the LDA's corporate finance team published yesterday evening ahead of the meeting called for its "current transitional arrangements" to be extended for a further six months to "enable a satisfactory resolution to be found".
While the official LDA line is that this is a complex deal and there will be a resolution sooner rather than later, reading between the lines there are real concerns that it is just not going to happen.
The LDA has been in negotiations to transfer the Olympic Park, and the debt accumulated assembling the site, to the Treasury since May of last year.
In its report LDA said it would only accept a deal that creates a "no detriment" position for the agency.
It says that on 23 December, talks were extended to 31 January (today) when a deal was expected to be announced.
In a report on 22 December 2009 the LDA Board was informed that a ministerial submission had been made to the Treasury to provide the funding necessary to enable the LDA to transfer the land to the OPLC.
However, the LDA writes: "The Treasury did not, in fact, respond and discussions are ongoing with government to resolve the funding issues."
The LDA adds that 11th hour discussions have occurred in the last week to "see if a funding package could be agreed ....this has not been achieved at the time of writing this report and is likely to take some time to resolve. "
If that "some time" does become six months then we could by then have a new government with very different views about who should control east London's Olympics land.