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| London 2012 'on time and budget' | London 2012 'on time and budget' |
| (about 5 hours later) | |
| Preparations for the 2012 London Games are on time and on budget, the International Olympic Committee (IOC) has said. | Preparations for the 2012 London Games are on time and on budget, the International Olympic Committee (IOC) has said. |
| IOC inspectors, who finished a three-day visit to London on Thursday, said the preparations were "impressive" and unaffected by the recession. | IOC inspectors, who finished a three-day visit to London on Thursday, said the preparations were "impressive" and unaffected by the recession. |
| But chairman Denis Oswald said attention to ticket allocation would avoid empty seats at venues. | But chairman Denis Oswald said attention to ticket allocation would avoid empty seats at venues. |
| The delegation checked the "big five" Olympic venues. | The delegation checked the "big five" Olympic venues. |
| These are the Aquatics Centre, Olympic Village, Olympic Stadium, the Velodrome and the IBC/MPC, a mixture of permanent and temporary buildings - based in Stratford, east London. | These are the Aquatics Centre, Olympic Village, Olympic Stadium, the Velodrome and the IBC/MPC, a mixture of permanent and temporary buildings - based in Stratford, east London. |
| It would be extraordinary if the contingency funds were not used Paul Deighton, Locog chief executive | It would be extraordinary if the contingency funds were not used Paul Deighton, Locog chief executive |
| Mr Oswald told a news conference in London: "We can confirm that London 2012 is on the right track. | Mr Oswald told a news conference in London: "We can confirm that London 2012 is on the right track. |
| "We know the world is going through a difficult time but Locog (London Organising Committee of the Olympic Games) had a very strong commercial policy from the beginning and have been able to secure a high amount of sponsorship before the crisis came and have reached £0.5bn." | "We know the world is going through a difficult time but Locog (London Organising Committee of the Olympic Games) had a very strong commercial policy from the beginning and have been able to secure a high amount of sponsorship before the crisis came and have reached £0.5bn." |
| He said inspectors were "deeply impressed" by the progress made in the construction, and said that the stadium, the Olympic Village and the swimming pool were also impressive. | He said inspectors were "deeply impressed" by the progress made in the construction, and said that the stadium, the Olympic Village and the swimming pool were also impressive. |
| IOC inspector, Denis Oswald: âvery impressed by the progressâ | |
| He also said it was important that the Games' ticketing policy was given attention so that it did not suffer the same mistake as Beijing did regarding empty seats. | He also said it was important that the Games' ticketing policy was given attention so that it did not suffer the same mistake as Beijing did regarding empty seats. |
| Locog has raised nearly £500m from the private sector towards its £2bn budget to stage the Games. | Locog has raised nearly £500m from the private sector towards its £2bn budget to stage the Games. |
| Mr Oswald said it was "important" that the Government had put money into the Olympic Village from the contingency fund so that construction work was not delayed. | Mr Oswald said it was "important" that the Government had put money into the Olympic Village from the contingency fund so that construction work was not delayed. |
| Paul Deighton, Locog chief executive, said there were no concerns about the use of the contingency and that only a "small proportion" of it had been used. | Paul Deighton, Locog chief executive, said there were no concerns about the use of the contingency and that only a "small proportion" of it had been used. |
| He said: "It would be extraordinary if the contingency funds were not used. It is precisely the purpose that the Chancellor put it in place." | He said: "It would be extraordinary if the contingency funds were not used. It is precisely the purpose that the Chancellor put it in place." |
| Mr Oswald said he might now give London marks that are "very close to 10" for its preparations. | Mr Oswald said he might now give London marks that are "very close to 10" for its preparations. |