The Moore Stephens report published yesterday has revealed that London Stadium owners E2o seriously consider selling or shutting the stadium last year as well as cancelling the annual Athletics meetings and/or replacing the French stadium operator LS 185.
The report says “It is clear that significant changes will be needed to E20 if its financial sustainability is to be improved. Many of the options available to E20 were explored in a Board presentation on 6 October 2016, certain of which are detailed below:
Not transitioning the East Stand between football and athletics events
Not holding annual athletics events
Increasing secondary revenue streams through means such as MLB and cricket
Re-tendering for the Stadium operator
Selling the Stadium
Shutting the Stadium”
A full copy of the report can be found at https://www.london.gov.uk/sites/default/files/olympic-stadium-review.pdf
Yes I’ve read it this morning, the thing that stands out for me is that they expect to lose an average of between £10 and £20 million per year for the foreseeable future with no likelihood of the Stadium ever being in profit!
The Taxpayer will have to subsidise Football at West Ham for the next 99 years, I suppose we can say we are getting something for our money but if I was not a West Ham supporter I’d have the hump!
What a farce!
A minimum loss of close to £1billion over the life of the contract . How about they build us a proper football stadium for about a third of that and we all walk away from this calamity?