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This sporting life

It's time to tackle the cost of the 2012 Olympics. Let's start by opening the books. Plus, Michel Platini switches sides on the regulation of European football—for now

By David Goldblatt   January 2009

What to do about the Olympics

It is hard not to read the economics of the London 2012 Olympics as a morality play for our times. The ever escalating budget was born of an accounting era so louche that the government failed to include the VAT costs. The finances were based on the assumption that cheap credit would go on forever. The PFI deals that were to underwrite the construction of the Olympic village and the media centre have now both collapsed; the little private capital available is not going to be invested in the London property market at the…

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