The competition to become the host of the summer Olympics is always a tough one. After all, more than the honor and distinction that a country gets from being the Olympic host, the economy gets a major boost because of tourism.
The next Olympics, as you should already know, is to be held in London. 2012 is the year, and the UK won the bid as host. However, things are not going as smoothly as everyone has been hoping. The fact is that the British government initially was counting on private financing for a large part of the project. This is not unusual since many companies vie for a piece of the pie when it comes to this event as well. Millions of money that is spent on advertising and sponsorship will naturally turn into income for these companies anyway.
This time, however, it seems that the recession is really biting hard. The British government has been unable to get enough private financing for the 2012 Olympics. As such, they have been putting in a lot of money into the project. As a matter of fact, they recently used $491 million to create the Olympic Village. And since its taxpayer’s money that they are using, the Village is going to remain a property of the government, to do with as they wish when the Olympics is over.
While it may not seem to be a good thing for the taxpayers right now, it should work out just fine. After all, the sales and proceeds from the event will all go back to the government.