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Newham discusses London Stadium ownership in secret

walesNewham council is tonight discussing their continued part ownership of the London Stadium. The Newham cabinet led by West Ham fan Sir Robin Wales is holding the cabinet meeting at Newham townhall this evening which started at 5 pm.

On a packed agenda is item No.17 to discuss Newham Legacy Investments which owns 35% of E20 stadium in return for a £40m investment loaned to them by Newham council.  The two-page secret report reveals only that it is an update on NLI and possible options going forward. The details are classified as restricted and are not available to the public as part of a bumper 1,215-page meeting pack. The public is also excluded from that part of the meeting.

 

Newham finds themselves between a rock and a hard place, they have seen no repayments of the £40m they loaned the Investment vehicle and face the situation where they could be required to contribute more taxpayers money to cover ongoing stadium operating losses if they don’t want to forfeit their share of the London Stadium.

Majority stadium owners London Legacy Development Corporation claim they will need to inject a further £21.1m of working capital into the stadium and therefore Newham, in theory, could be asked to contribute 35% of that sum which is around £7.3m.

 

About Sean Whetstone

I am Season Ticket Holder in West stand lower at the London Stadium and before that, I used to stand in the Sir Trevor Brooking Lower Row R seat 159 in the Boleyn Ground and in the Eighties I stood on the terraces of the old South Bank. I am a presenter on the West Ham Podcast called MooreThanJustaPodcast.co.uk. A Blogger on WestHamTillIdie.com a member of the West Ham Supporters Advisory Board (SAB), Founder of a Youtube channel called Mr West Ham Football at http://www.youtube.com/MrWestHamFootball, I am also the associate editor here at Claret and Hugh. Life Long singer of bubbles! Come on you Irons! Follow me at @Westhamfootball on twitter

2 comments on “Newham discusses London Stadium ownership in secret

  1. It’s a complete joke. What do LLDC and Newham Council hope to ever achieve by holding onto it? But, even if they wanted to sell it to us, would the Dave’s want to buy it? What would be the draw for them, compared to the deal they currently have?

  2. If Levy had not caused so much trouble West H am would have bought the stadium ( it was actually agreed but Boris got cold feet when Levy threatened court action ) then it would have been rebuilt for football to suit West Ham & perhaps they might have installed a few decent bars with drought beer, however it is now a three ringed circus which may be resolved when Birmingham host the Athletics in 2022 I understand the government has backed them to upgrade the Birmingham facilities which will leave the door open to cancel the Athletics contract at the London stadium in return for upgrading Birmingham, then they can sell the stadium. Perhaps that is why Rush Green has been mortgaged to provide funds to buy the stadium

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