London Blog

Wellcome Trust Want To Buy The Olympic Park

The Wellcome Trust, one of the world’s largest medical charities, has reportedly put in a £1 billion bid for the freehold to the 2012 Olympics site.

The 513-acre park includes the Olympic Stadium, Aquatics Centre and Media Centre. The Trust is separately bidding to take over the Athletes Village following the games.

Were the bid to be accepted, it would greatly ease the financial situation for legacy chiefs. Money to build the park was borrowed from various bodies. Instead of paying these debts back over decades, the Wellcome (and welcome) £1 billion would allow much of the repayment to take place up front.

Such a deal would put the Trust – which has a track record of seeding science and technology business – in the driving seat to help realise David Cameron’s dream of turning the Olympic Park into a tech startup powerhouse.

The Financial Times has an in-depth account of this exciting possibility, with a few caveats.

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