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From there, the group planned to walk across the new main bridge or "front door" to the Olympic Park and get a firsthand look at progress on the 1-square-mile site. A once-deprived industrial area of the capital is being transformed into a new complex of venues and parkland that will be turned over to the public after the games.
Still to be determined is the future tenant of the Olympic Stadium. West Ham soccer club claimed Monday that it expected to be granted first option to move into the stadium after 2012, but no final decision is expected until later this year.
While the Olympic project is on track and on budget, organizers are under scrutiny as the coalition government carries out 40 billion pounds ($61 billion) in public spending cuts to trim the record budget deficit.
The government recently ordered relatively modest cuts of 27 million pounds ($41 million) in the budget of the Olympic Delivery Authority, the body responsible for building the venues. The overall construction and infrastructure budget stands at 9.325 billion pounds ($14.3 billion).
Coe's separate privately financed organizing committee budget is 2 billion pounds ($3 billion), raised from sponsorships, television fees, ticket sales and merchandising.
"We wake up every morning trying to figure out how we can deliver this in a more cost-effective and efficient way," Coe said. "We have to recognize that the world has changed. We are in an economic climate where we have to continue to make very strong arguments for why this is a project of national and natural interest."
Coe said organizers have raised more than 600 million pounds ($925 million) toward their target of 700 million pounds ($1 billion) in domestic sponsorships -- a figure that organizing committee chief executive Paul Deighton has called "gravity defying."
"The first thing that goes in any economy is discretionary spending, and yet we've punched through," Coe said.
[Associated Press;
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