Credit crunches London Olympics Falling land values hit 2012 Olympics Figures released by the Olympic Delivery Authority (ODA) indicate that a fall in property prices, triggered by the credit crunch,...

Credit crunches London Olympics Falling land values hit 2012 Olympics Figures released by the Olympic Delivery Authority (ODA) indicate that a fall in property prices, triggered by the credit crunch, could see the costs of the London 2012 Olympics rise by up to £150 million. The announcement was made alongside another which indicated that £400 million had been achieved in savings in other parts of the project. The ODA further reported an overall increase in the cost of the Olympic budget of £21 million, with a further £160 million earmarked to cover maintenance and security at the Olympic park up to 2013. That means the ODA, which has a budget of £8.1 billion, now has anticipated final costs of £7.262 billion, up from £7.241 billion in the three months to December 2009. Source: Taylor (2010). Discussion questions 3 To what extent is it possible to prepare for unexpected extreme events such as the credit crunch or major political upheavals? 4 Does the focus upon success on the field, pitch or pool create a managerial mindset not well attuned to managing failure when it arises?