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2012 Olympics - Looking likely to cost 2012 billion at this rate...


Princess Anne is being paid £400 an hour to attend planning meetings for the 2012 London Olympics.

The payments - which come against the backdrop of a spiralling bill for the Games - were last night condemned by critics of the growing Olympics gravy train.

Documents filed by the Games' organising committee, chaired by Lord Coe, show that during the past year the Princess Royal was paid £4,000 to attend four board meetings lasting an average of just two-and-a-half hours each.

The accounts for 2006-07, seen by The Mail on Sunday, also reveal that former Olympic triple- jumper Jonathan Edwards received more than £100,000 for attending board meetings and carrying out consultancy work, while chief executive Paul Deighton - who has an es t imated £110million personal fortune - drew a salary and bonus totalling £536,000.

Critics have warned that escalating budgets and salaries have left the Games in danger of becoming an exercise in selfenrichment for companies and individuals - and a bloated strain on the taxpayer.

The London Organising Committee of the Olympic Games and Paralympic Games (LOCOG) has a £2 billion budget, with a third of its money coming from the International Olympic Committee and the rest from sponsors, ticket sales and merchandising.

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And here is my humble suggestion for an alternative logo for the 2012 Olympics...

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