Yesterday the Olympic Delivery Authority delivered its annual progress report. There is a lot of huffing in the papers today about the £150m cost of consultants. This line simply covers disappointment that the really interesting story (it's all going to be late and over budget) has, of course, evaporated.
But one story has yet to be played out: the Olympic Village deal. If you ask Lend Lease they will say their offer to take an equity stake in the village is still on the table despite negotiations breaking down at the start of the year. The government wanted the Australians to inject £350m into the scheme they are now simply building. Sydney said no.
It is understood Lend Lease also said no at the time to the idea of bringing in other equity partners to make up the difference. But life now feels a little brighter than it did nine months ago. A consortium of housing associations is taking half the 2,800 units. It will be interesting to see if Lend Lease will now accept equity partners for the other half.
