Olympics Fundraising - Fail.

Mrs Rigby has just spotted this on Bloomberg

The U.K. government will pay to build the 1.1 billion-pound ($1.66 billion) athletes’ village for the 2012 Olympics after efforts to raise private financing failed.

The government plans to provide an extra 324 million pounds for the project, which will house around 17,000 athletes and coaches in east London.

“After careful assessment it is clear that investing in the Olympic Village now will save public money in the long term,” said Tessa Jowell, the Olympics minister, in an e-mailed statement. “A private-sector deal was available but because of the credit crunch it was not a good deal.”

Mrs R always wondered if the 2012 Olympics might be more of a millstone than a jewel. She hopes she is proved wrong.