Majority London Stadium owners, London Legacy Development Corporation are forecasting that they need to inject a further £21.1m of ‘working capital’ from the public purse into Stadium holding company E20 Stadium LLP during the current financial year to keep it afloat.
The LLDC Investment committee meets next Tuesday 14th November and papers published in advance of the meeting reveal staggering new figures. The financial accounts reveal Capital funds spent up to 30 Sept 2017 have already reached £10.76m against a budget of £6.6m. The full-year 2017/2018 forecast is £26.33m against an original budget of £13.2m (an overspend of £13.2m). They also spent £4.5m on what they call discretionary enhancements to the stadium from a contingency fund within the £323m transformation costs.
Last week outgoing LLDC CEO David Goldstone revealed that the ownership of the stadium was being looked at with a view to simplifying it. He said the ownership model is complicated and suggested it needed to be made more efficient in the near future.
A spokesperson for the Mayor of London told Claret and Hugh last week: “The Moore Stephens review is investigating decisions made about the construction of the stadium and what contractual commitments were made for the stadium’s conversion and operation – all of which has involved Moore Stephens speaking to a number of decision-makers that are no longer with the relevant organisations, which in some cases no longer exist, and that has taken some time. It is expected that Moore Stephens will provide their report to the Mayor by the end of November and we fully intend to publish their findings before the end of the year.” 
so just to make this abundantly clear, HOW much money did Daniel Levy, Tottenham and Barry Hearn actually cost the tax payer, and how much more many many millions is the tax payer going to have to fund a stadium that they stopped WHU from buying outright?
I agree Mr Levy has a lot to answer for it now seems the only solution to stop a continuing loss is to rip up the running track, so there will be no need to move the seats at a really silly cost of 8 million, or better to sell the stadium to West Ham to try to recover some of their wasted money. Either way West Ham seem to be. Sitting pretty
You really couldn’t make it up – what a shambles.
I’d go right back to Seb Coe, Tessa Jowell and the rest of the numbskulls and their ‘Legacy’ nonsense – they’ve cost the Taxpayer hundreds of millions of pounds and there’s no end in sight – and no one seems capable of biting the bullet and kicking Athletics out of the Olympic Stadium – it’s a mess!
Lets just write the media headlines now..
West Ham cost the tax payers anothrr £21m
What a mess we’ve ended up in. We were made so many promises about the stadium and its sight lines. It would be one of the best in the country! Yeah, right.
Now we’re stuck in a 99 year lease with little control over what happens inside the stadium. Even if we got the owners to fix the movable stand problem, the gradient angle of the stands is to shallow and not right for football. We all know and the owners should surely have known that this is a great athletics stadium, but it’s not much use for football. On top of it all, we were told that a top 6 PL placing was on its way soon, but the investment that needs just wasn’t and isn’t there. Sure, we’ve made record signings for us, but we’re nowhere near investment levels of real contenders.
It seems only a complete rebuild will solve the problem, but there’s not much prospect of that happening, particularly with this lease and these owners.
I’m off to paint the kitchen!