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 long-awaited report commissioned by Sadiq Kahn on issues surrounding will be published in December.
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.”
