London’s Olympic Stadium unveiled

London’s preparations to host the 2012 Olympics seem to be progressing smoothly with the city recently unveiling the design of its centerpiece: the Olympic Stadium which will seat 800,000 people.

The city’s mayor, Ken Livingstone, has already praised the design as a ‘beacon’ for London and with a price tag of £496 million, the population’s hopes are high.

According to the Olympic Delivery Authority (ODA), work on the stadium will be underway months ahead of schedule, beginning next April.

First estimated to cost £280 million in 2004, the price has since doubled for the stadium. The ODA claims the cost increase is due to a failure to consider VAT, inflation and other key factors in the original quote.

Located in the heart of the Olympic Park in Stratford, east London, it will be the focus of many of the Game’s most important events.

The stadium is scheduled to be complete in 2011 in order to begin holding test events. Following the Games, the venue will be scaled down to just 25,000 seats and transformed into a multi-purpose venue.