Another multimillion-pound deal to fund a big Olympic venue is in jeopardy because of the credit crunch, with the backers of the Games' media centre struggling to raise finance.

The setback comes only days after Lend Lease admitted that it was having difficulties finding funding for the £1 billion athletes' village, the largest Olympic Park venue.

The taxpayer may now be forced to bail out two major projects to the tune of hundreds of millions of pounds.

The developers of the £250 million media centre, which will feature separate press conference and international broadcast centres, are having problems raising funds in light of the economic slowdown.

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The contract is the third biggest for the 2012 Games after the athletes' village and the main stadium.

Estates Gazette reported that Carillion and Igloo, the preferred development partners, had been expected to contribute up to half the cost of the venue in exchange for a share of the rental income after the Games.

However, the property magazine said that difficulties in raising bank finance means that the burden may be shifted back on to the taxpayer.

It said that public sector funds would be “principally” used to bankroll the scheme.

Negotiations on the value of the media centre have been complicated by uncertainty over both its land value, amid sliding commercial property prices, and its use after the Games, when it will be bought by Carillion, the construction group, and Igloo, the Morley-backed regeneration fund.

A spokesman for the Olympic Delivery Authority said that an announcement about the media centre was pending and “we still anticipate significant private investment”.

The development agreement for the Olympic Village is also being held up after Lend Lease, the Australian company, said this month that it was having trouble raising its £450 million share of the investment.

The authority may attempt to rescue the village contract by offering government-backed guarantees to banks willing to fund the scheme.