Culture secretary Tessa Jowell estimates that the cost of staging the Olympic Games in London would be 2.4bn. This is made up of the campaign bid to try to win the games for London and the cost of buying land, developing buildings and improving the transport network.
And some people are saying that this figure is an underestimate.
If the event goes ahead in this country, about 11,000 athletes would compete in 300 events over the 16 days of the games. And a further 4,000 athletes would take part in the Paralympics.
Up to 20,000 members of the world's media would flock to London to cover the event, mingling with an expected 500,000 spectators a day.
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