UK audit criticises 'risky' Dome spending

The Dome comes in for yet more criticism

LONDON, England -- The Millennium Dome's financial management has been heavily criticised in an independent report out on Thursday.

Independent spending watchdog the National Audit Office (NAO) said project targets had been risky and over-ambitious.

The attraction in London cost £758 million ($1.1 billion) to create, and has required a top-up of £200 million from the National Lottery since then.

Over-optimistic attendance forecasts of 12 million people a year had to be cut after disappointing numbers early in the year.

NAO chief Sir John Bourn said the main cause of financial difficulties at the Dome was the failure to meet planned visitor numbers and so generate sufficient income.

"The targets were highly ambitious and inherently risky, leading to a significant degree of financial exposure on the project," Bourn said.

"In addition, the task of managing the project has been complicated by the complex organisational arrangements put in place from the outset, and by the failure to establish sufficiently robust financial management," Bourn said.

The NAO report was covering a period that has seen the Dome under fire practically on a daily basis.

The Dome is still hoping to find a buyer after Japanese bank Nomura pulled out of the bidding, saying that it had been misled about the deal's terms.

Legacy Plc, headed by entrepreneur Robert Bourne, wants to turn the Dome into a business park and negotiations are still continuing.

The attraction was at the centre of a major drama on Tuesday when police foiled an attempt to steal £350 million ($507 million) worth of De Beers diamonds from a display in what would have been the world's biggest robbery.

Reuters contributed to this report.

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Millennium Dome: Worth the expense?
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The Millennium Experience

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