IOC returns to London for update on ’12

April 21, 2009 at 12:00a.m.

LONDON (AP) — A year after inspectors gave London organizers “9.75 out of 10” for their work so far, IOC officials are returning to see how preparations for the 2012 Olympics are proceeding in the face of the global economic crisis.

The International Olympic Committee’s coordination commission will review London’s progress today through Thursday, its fourth visit since the British capital was awarded the games in 2005.

Much has changed since last year’s visit, with London now working to deliver the games in the worst financial climate in decades.

Organizers will reassure the IOC that the multibillion dollar project remains on track.

“If you speak to most people anywhere in the world, they are having a hard time, so it’s very important that they don’t think it’s impacting upon us, because actually it’s not,” London 2012 organizing committee chairman Sebastian Coe said.

“We are delivering in a very strong way — partly due to the strength of our team and partly due to the strength of the Olympic brand that is punching through in an area where most other things are not punching through.”

London officials remain confident they will come within the overall $13.8 billion budget for venues, infrastructure and regeneration.

Because of a shortfall in private funds due to the economic downturn, the British government has dipped into the Olympic contingency fund to cover some of the costs of the $1.48 billion athletes’ village and other projects.

London has raised about $740 million of its domestic sponsorship target of $1 billion.

The highlight of the IOC visit will be today’s tour of the Olympic Park, which is being transformed from a derelict site in east London into the centerpiece of the games.

Organizers can point to significant milestones made in the past year: Construction has begun on all of the “big five” venues in the park — the Olympic Stadium, aquatics center, athletes’ village, velodrome and media center.