Welcome Trust’s £1B Bid Rejected

Welcome Trust’s £1 billion bid for the acquisition of Olympic Park has been declined.

Welcome Trust’s £1 billion bid for the acquisition of Olympic Park has been declined, Financial Times reports. Ministers have refused the proposal as the deal does not provide taxpayers satisfactory value for money. Launching a new auction for the Olympic Village and the park may postpone reopening of the park after the 2012 Olympics. The U.K. charity firm intended to use profits from the village to partially finance development of the park. The Olympic Delivery Authority has built the park and is conducting the sale on behalf of the government to raise £500 million.

Click here for the story from Financial Times.