Qatar Buys Stake in 2012 London Olympic Village
The London 2012 Olympic Village has become Qatar's latest acquisition in world sport.
The property company of the Arab state's royal family and British developer Delancey have signed a 557 million-pound ($906 million) joint agreement to buy and manage the athletes village as private housing after next year's Olympics.
Qatari Diar and Delancey will take over 1,439 of the 2,818 new homes on the site and acquire land to build as many as 2,000 more.
With the Olympics having cost 9.298 billion pounds ($15.13 billion) of public money, government sports minister Jeremy Hunt says the deal "will give taxpayers a great return."
Oil-rich Qatar last year won the right to host the football World Cup in 2022.
Source: Associated Press
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