Nicholas Craig column

Jun 10 2005 By Nicholas Craig, The Journal

London's Olympic bid was given a heartening boost this week. The International Olympic Committee praised it in a crucial report - although tributes to front-runner Paris were even more lavish.

In 2012, I hope it's London that hosts the Games. The Olympics is a fantastic opportunity for the city and the country. The funding forecast, however, is horrifying. The estimate for staging the Olympics is running at £2.36bn - although this is likely to spiral to £4.5bn.

Londoners will bring in £875m through a £20 a year increase in council tax, and £250m will come from the London development agency. The IOC will provide up to £1bn. The lottery hopes to raise £1.5bn through the world's first penny-to-play game. However, it's all still a gamble.

If ever there was a reason to speculate to accumulate, however, this is it. The possibility of experiencing the Olympic Games in our country is tremendous.

It would bring the biggest regeneration of England's capital since the Victorian era. We could also see beach volleyball in Horse Guards Parade, football at Wembley, gymnastics in the Millennium Dome and baseball in Regent's Park.

Barcelona is testament to the difference it can make to a city. The Olympics were the platform from which it launched itself as a major tourist centre. New infrastructure opened up areas of the city, to breathe life into formerly down-at-heel industrial areas.

In the same way, dowdier districts of the East End will be transformed into an Olympic village of 4,000 new homes, with a state of the art stadium.

North-East cities will no doubt share in the benefits by helping to host the football tournament and the national training camps. The atmosphere will be remembered for a lifetime. Nothing has come near the potential level of excitement since the World Cup of 1966.

Tourism will be the great winner if London is chosen. Visitors used to travelling much greater distances will traverse the length of Britain with ease. The impact of sport at the highest level being played in London will highlight its importance and relevance to everyone who lives here. It will bring new funding and superb new venues for sporting achievers. And, as any sportsperson will tell you, you don't get anywhere without ambition.

Nicholas Craig is a partner at Watson Burton LLP