Olympic Lottery Distribution Fund

Culture Media and Sport written question – answered on 3rd July 2012.

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Photo of Kerry McCarthy Kerry McCarthy Shadow Minister (Foreign and Commonwealth Affairs)

To ask the Secretary of State for Culture, Olympics, Media and Sport how much he expects to remain in the Olympic Lottery Distribution Fund at the close of the London 2012 Olympic and Paralympic games.

Photo of Hugh Robertson Hugh Robertson Parliamentary Under-Secretary (Department for Culture, Media and Sport) (Sport and the Olympics)

The games have yet to take place and there is still work to do after the games, in fitting out the Olympic village for sale, and further income to come in after 2012. Therefore, it is too early to give an estimate of the closing balance in the Olympic Lottery Distribution Fund (OLDF). What is clear at this stage is that the OLDF will receive grant repayments from the sale of the village in 2014 of just over £69 million. The receipts together with any unused funds remaining in the OLDF will then be transferred to the National Lottery Distribution Fund for the benefit of good causes. In addition, in the longer term, the national lottery is entitled to receive £675 million from receipts from the sale of land in the Olympic park.

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