Organisers of the 2014 Glasgow Commonwealth games have confirmed that the budget for the event has risen by £81million.

The initial budget for the games was £373million, but the organising committee for the event confirmed that this total has now risen to £454million. 

They say that a number of factors including legislative changes, in particular rising broadcasting costs, have contributed to the budget increase and the move comes following a year of planning for the games and a thorough review of the budget.

The additional funding will come from a mixture of public and private money. The Scottish Government is to provide an additional £39million and a £20million reserve fund, Glasgow City Council will contribute an extra £9million and the Organising Committee will raise an additional £13million.

First Minister Alex Salmond said: "The Scottish Government is committed to showcasing the best that Scotland has to offer by delivering an outstanding Commonwealth Games. This necessary budgetary increase is challenging for the public purse but the funding boost is good news for 2014 and will ensure an exciting, efficient and effective event.  

"Bringing the Games to Glasgow will boost business, tourism, infrastructure and regenerate the city. Of course this funding represents an enormous commitment to Glasgow but the benefits and value will be felt throughout Scotland. All partners involved in staging this prestigious event are determined to work together to ensure the best value for money. The fact that 70% of the Games venues are already built will help guarantee no further pressure on the public purse."

"The Scottish Government is proud to support 2014. We believe staging the event will provide lasting benefits for generations to come. That’s why we have recently launched a £23.5million legacy plan to ensure Scotland capitalises on the economic, social and cultural advantages of the Commonwealth Games."

Steven Purcell, Leader of Glasgow City Council said: "I am disappointed that it is necessary to increase the budget for staging the Games. However I accept that this has been caused by changing circumstances since we submitted the bid and all the partners have worked very closely to minimise the increase.

"The Games will bring real benefits for all Glaswegians and I will do all I can to ensure that those benefits are delivered."

The Glasgow 2014 Commonwealth Games will be the biggest multi-sports event that Scotland has ever hosted, with 6,500 athletes and officials from 70 countries expected in the city to compete in 17 different sports between the July 23 and August 3 2014.