London Stadium owners, the London Legacy Development Corporation (LLDC) paid French company Vinci one million pounds to buy stadium operator London Stadium 185 (LS185) in January earlier this week.
Claret and Hugh submitted a freedom of information request back in January and today the LLDC released the relevant legal agreements as well as the £1m sum they paid for LS185.
Accounts at Companies house revealed that LS185 almost doubled turnover from £13.4m in 2016 to £25.9m in 2017 in revenue they received for operating and managing the stadium on behalf of owners E20 Stadium LLP. Gross profit for the operator increased from £4.9m to £6.3m but the operator posted a net loss of £790,000 compared a modest profit of £151,000 in 2016.
In January 2015 Vinci in the form of LS185 signed a 25-year contract to manage and operate the former Olympic Stadium. LS185 never met the ambitious profits they told the LLDC it could make and earlier this year LLDC bought the operator in an attempt to save further costs for the loss-making stadium.