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News of how the economic downturn is affecting both South Africa 2010 and London 2012

South Africa faces a funding shortfall for the 2010 FIFA World Cup and attendance may fail to meet expectations because of the global financial crisis, according to Danny Jordaan, head of the event's Local Organising CommitteeThe crisis has raised doubts about ``whether the fans will have money to travel and come and support their teams, '' Jordaan told lawmakers in Cape Town in November 2008. Meanwhile, also affected by the downturn, London's 2012 Olympics organisers may cancel plans to build a temporary sports venue in Greenwich in an effort to reduce costs. The organisers, after meeting to review a report on venues by consultant company KPMG, also reiterated plans to build temporary facilities for basketball in the Olympic Park and for equestrian events in Greenwich Park, in London's south–east, according to an e–mailed statement from the 2012 Olympics board. Games officials pledged to control costs after the games' $13. 8bn budget tripled from the 2005 bid estimate. The UK's economy contracted in third quarter 2008, and organisers have so far failed to arrange bank financing for the construction of the Olympic Village, a development of 3, 000 apartments where athletes will live during the games. The KPMG report recommends cancelling the North Greenwich Arena 2, a 6, 000–seat building that would host badminton and rhythmic gymnastics.

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