A £10m guarantee has been made available to ensure suppliers to the loss-making London Stadium get paid.
Under the deal, approved by the Mayor of London, the London Legacy Development Corporation (LLDC) will underwrite planned upgrades. City Hall said the deal was needed to “provide assurance” to suppliers of services such as stewarding and cleaning “that they will be paid”.
No extra funding has been made available by the deal.
An independent review by Moore Stephens last December said that E20 Stadium LLP, the public sector company set up to run the London Stadium, is projected to make a loss of £20m this year and a total loss of £140m over its first 10 years.
There had been previous concerns that the Limited Liability Partnership (LLP) could be put in administration, however, West Ham rights under their concessionaire agreement are already underwritten by the Government for the term of the 99-year lease.
