London Olympics faces lack of bank funds

Bloomberg News: "London's 2012 Olympics organizers may scrap plans to build temporary arenas for sports such as basketball and shooting to save money as the global financial crisis squeezes the 9.3 billion-pound ($16.3 billion) project.

• ``The credit crunch is hitting the Olympics hard, but we remain resilient,'' said John Armitt, chairman of the London Delivery Authority, at a meeting of the city's legislative assembly today...

Developers involved in the project have been unable to get bank loans for

• the Olympic Village, where athletes will stay, and for the broadcast center.

• Armitt suggested that the Olympic Village developer, Australia's Lend Lease Corp., may not be able to arrange private financing for the 1 billion-pound project by the end of December, as planned...via SportsByBrooks

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