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Village funding will not be finalised until 2010

Olympics minister Tessa Jowell has admitted that funding for the Olympic Village will not be finalised until 2010.

In a written answer to questions in the House of Commons this week she said: “The details of that restructured deal are being worked through between the Olympic Delivery Authority and Lend Lease under the terms of an exclusivity agreement and it would not be appropriate to reveal the details until that deal is concluded in the spring of next year.”

She added that because of the nature of the exclusivity agreement, that the ODA was unable to negotiate with alternative development partners.

The ODA has said it will continue funding construction for the Village from the contingency fund if necessary.