Document: Government promised to pay for LOCOG’s losses – however big

Embedded above is a report from the House of Commons Public Accounts Committee on preparations for the Olympic and Paralymic Games. Some of the contents were covered (mainly on specialist blogs) when it was published in April, such as the concern over the increase in security costs where:

“LOCOG has had to renegotiate its contract with G4S for venue security from a weak negotiating position and there is a big question mark over whether it secured a good deal for the taxpayer.”

Random Blowe provides further detail on this.

But we haven’t previously published it here.

There’s a lot to look at as the games ramps up to the opening ceremony. One of the sentences that particularly stands out, for example, is this:

“The Government is highly dependent on LOCOG to deliver a successful Games and is obliged to meet any shortfall between LOCOG’s costs and revenues.”

Can you find anything else of interest?