Up to £150m of Olympic money could be returned to lottery funds by mid-2014

Hugh Robertson, minister for sport and tourism, tells the Directory of Social Change that between £100m and £150m will be transferred, some of which will come from the sale of the Olympic Village

Olympic Village
Olympic Village

Between £100m and £150m of Olympic money could be returned to lottery funds by July 2014, according to Hugh Robertson, minister for sport and tourism.

In reply to a letter from Debra Allcock Tyler, chief executive of the Directory of Social Change, calling for an early return of money taken from the Big Lottery Fund to pay for the Olympics, Robertson said the Olympic Lottery Distribution Fund was likely to receive £71m from the sale of the Olympic Village, and that there were also likely to be unused funds in the OLDF.

He said that when the OLDF was wound up, which was expected to be in July 2014, the cash would be returned to the National Lottery Distribution Fund, which distributes good cause money to lottery distributors including the Big Lottery Fund, the Heritage Lottery Fund and Sport England.

"The final balance in the OLDF is likely to be somewhere in the range of £100m to £150m," the letter says.

The DSC said it understood that the money was in addition to the £675m taken from lottery sources – including £425m from the BLF – to pay for the Olympics.  

The government has committed to pay back the £675m, but the full amount is not expected to be repaid until 2031.

The government spent £377m less than it had budgeted for on the Olympics and the DSC has been spearheading a campaign calling on the government to pass this money immediately back to the BLF.

Jay Kennedy, head of policy at the DSC, said he was pleased to see things were moving in the right direction, but the result the sector had been seeking had not happened yet.

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