The Olympic Delivery Authority (ODA) has admitted that the cost of the Olympic stadium has increased by 77 per cent, from the £280m figure projected in the 2004 bid document, to a revised £496m estimate.

In addition, it is likely that the cost of the 20,000-seat aquatic centre will double from the original projection of £75m to more than £150m.

However, John Armitt, chair of the ODA, speaking at a meeting of the London Assembly on 9 October, argued: “To suggest that the costs have doubled from the bid book represents a grossly misleading figure for the public.

“This figure represents a 2012 outturn cost which includes inflation, VAT, legacy conversion and earthworks.

“The bid was a 2004 figure. Insofar as a comparison can be made with the bid book, the figures are broadly in line.”

It is anticipated that the final design of the stadium will be unveiled later this month.