Select Committee on Public Accounts Minutes of Evidence


  This table illustrates the potential financial risk, in addition to the contingencies already identified, should the various project criteria fail to be implemented adequately or on time. We believe that this represents the worst case scenario but that this should be recognised as a very real risk.
CriteriaRisk Financial ConsequenceAdditional Contingency Required
SponsorshipContent is insufficient to ensure full sponsor commitment, particularly if the national programme is cut, sponsors lose confidence in the project or take up other sponsor opportunities for the Millennium which are more fully defined Only £100 million raised£75 million
Visitor numbersContent is insufficient to attract projected visitor numbers, demand management fails to divert peak demand visitors to off peak, ticketing systems create frustrated demand, marketing fails to attract the forecast mix of visitors Eight million visitors at an average ticket price 75 per cent of that forecast by MCL plus consequent reduction in catering and retail spend £47 million
Total £122 million

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Prepared 12 September 2001