Financial trouble for the bid

From GamesBid.com:

Glasgow 2014 Commonwealth Games Bid Has Financial Setback

A council report published Wednesday reveals that the cost of refurbishing the Royal Commonwealth Pool has increased by seven million pounds in less than two years. The Edinburgh News reports that the planned overhaul is now estimated to cost 36 million pounds and officials have warned it will rise again unless work starts next year.

The pool overhaul is a key part of Glasgow’s bid for the 2014 Commonwealth Games, with diving events planned to take place in Edinburgh. The project would also feature an Olympic-standard 50-metre pool and diving arena, as well as a new “fun pool”.

The newspaper reports that the rising cost means the project faces a nine million pound funding “black hole” unless the Meadowbank Stadium is sold off for housing or the Scottish Executive bails the city out by covering the shortfall.

The reason for the increase is attributed to rampant inflation in the cost of construction projects across the UK.

The council now has pledged 27 million pounds for rebuilding the pool complex.

The refurbishment is scheduled to being next fall, is due for completion in 2010, and is earmarked as an official training camp for both the London 2012 Summer Games and the Glasgow 2014 Commonwealth Games.

If more funds are not committed the Edinburgh News reports that the only other realistic option is said to dramatically scale back the plans or shelve the project.