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The ODA, which is in talks with developer Lend Lease over the level of private funding required for the 拢800m village, does not expect a resolution to be achieved this year.

Higgins said: 鈥淲e were fortunate in that we have been able to start piling on site already, but we won鈥檛 have an agreement on funding before Christmas.鈥�  

Lend Lease is understood to be struggling to raise finances for the development as a result of the credit crunch.

Higgins added that the main building programme for the village was still on track.  

The village also came under the scrutiny of the London mayor鈥檚 Olympics watchdog last week. It issued a report that said the overall budget for the Games鈥� venues had risen by 拢106m in the past eight months. It added: 鈥淪ignificant additional public sector funding is likely to be required to deliver the village.鈥�

As 好色先生TV went to press, London mayor Boris Johnson was expected to propose the diversion of some funds from the Homes and Communities Agency鈥檚 拢1bn London affordable housing fund to help pay for the village.