London 2012 Olympics: Sebastian Coe insists Games on budget

Coe insists Olympic Games are on budget and ticket trouble is solved

Sebastian Coe, chairman of the London Organising Committee for the Olympic Games, insists the 2012 Olympics remains within budget.

He also claims ticketing arrangements are on track, despite recent problems which saw a ticket resale website closed.

Speaking while visiting the World Economic Forum in
Davos, Switzerland, the double Olympic champion said costs currently
fall within the agreed budget and the next batch of tickets will go on
sale in April.

Chilly: Boris Johnson (left) and Sebastian Coe (right) with an ice sculpture to promote London 2012

Chilly: Boris Johnson (left) and Sebastian Coe (right) with an ice sculpture to promote London 2012

On track: Coe said London 2012 was on budget

On track: Coe said London 2012 was on budget

Mayor of London Boris Johnson and Coe posed with an ice sculpture created to promote the Games.

'Yes, we brought ice to Switzerland,' joked the Mayor.

Earlier this month LOCOG had to close a ticket resale website after the computer systems were unable to cope with the volume of traffic.

LOCOG commercial director Chris
Townsend said: “We are sorry for any inconvenience caused by the
suspension of our ticketing resale platform.

Cost: The Olympic Stadium cost 486million to build

Cost: The Olympic Stadium cost 486million to build

'We
made a commitment to our customers to give them a safe, secure and
legal way of selling Olympic and Paralympic tickets which they are no
longer able to use.

'We
are delivering on that commitment, and will buy any tickets that
customers are no longer able to use at face value until February 3.'

Coe says three-quarters of the sports venues have already been properly tested and the run-up to the start of the games, on July 27, will be dominated by making sure that things run smoothly on the night.