National Lottery Olympics cash is not guaranteedWednesday March 10th 2010
The 2012 Olympic Games, which are taking place in London, have received a huge cash injection from the National Lottery to help fund the development project for the games. An initial estimate of £9.3 billion was set for the Olympic project, however this has since trebled and the Olympic Delivery Authority chairman, John Armitt has now revealed that the National Lottery Olympics cash is not guaranteed to be returned.
However, Mr Armitt has said that there will be development gains after the games in that the lottery will get a share of profits from regeneration after the games.
Edward Leigh of the Public Account Committee has insisted that it is essential that the National Lottery get back some of the money it has injected into the Olympic Games project, although John Armitt insists that whether some or all of the money is returned is not guaranteed.
This could leave many other worthy causes and projects stranded to a certain degree as many of them need the cash that the National Lottery gives to them. The fact that revenue from the National Lottery has dwindled over time mainly due to the fact that less people buy lottery tickets for the National Lottery, leaves less funds available for good causes. This latest news could mean that there is now a significant shortfall in lottery funds available for other good causes and until this money is, if ever returned, many waiting for lottery funding may now have to wait or find other sources to continue with their projects.