Denis Oswald, head of the International Olympic Committee (IOC) Coordination Commission inspecting preparations for the London 2012 Summer Olympic Games, said London was ahead of previous host cities in its preparations and had made impressive progress in the last year.Oswald, chairman of the IOC's Coordination Commission, told reporters during a three-day visit to the city, "we have a stadium, we are sure. It was not necessarily the case in some of the previous Games. So it's very relaxing. I must say having been here in May last year I am very much impressed how much work has been done. I'm also impressed by the concept".
The stadium costs about 540 million pounds, almost double the original forecast, and will have a capacity of 80,000 during the Games before the top tiers are removed and it is scaled back to 25,000 seats.
No decision has yet been made as to what the stadium will be used for once the Games are over, although Reuters reports it will house a school and a National Skills Academy.
Now that the big five venues - the stadium, Velodrome, Aquatics Centre, Village, and Broadcast and Media Centre - are underway, the IOC's main concern will be to assess the soaring costs of the project and the impact of the credit crunch, reports Reuters.
Meanwhile, the Royal Mint has produced a collector's coin in the countdown to the 2012 Games. The gold and silver versions of the coin are reportedly the first UK five-pound coins to feature the Olympic rings and logo in full colour, said the mint.
The coin has images of swimmers racing to the finishing line, and the border design represents the Olympic Stadium in east London as seen from above.
A new coin in gold, silver and cupronickel will be launched each year until the Games begin.
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