The cost of converting the former Olympic Stadium has increased by another £5m financial accounts released by London Legacy Development Corporation have revealed.
The transformation program had previously hit £272m after problems with the roof but the stadium owners have called off an additional £5m from their contingency fund which is likely to fund the alternative wrap comprising of 92 fabric panels and a giant TV screen which had not previously been budgeted for.
It means the total cost of the initial build and transformation of the Stadium rises to an eye watering £707m and that doesn’t include the millions spent by West Ham in replacing seats or WestHamification or branding of the stadium.
Figures released in May show E20 LLP spent £90.11m of capital on the Stadium in the financial year ending 31st March 2016 against an initial budget of £72.3m, an over-spend of £17.8m.
As we revealed this morning, income generated by the Stadium was recorded as a minus figure of £157,000. Surely they didn’t pay hirers to use the stadium did they???
Sean, I’m curious how much it costs to change between modes of athletic and football etc?
From what I’ve read previously, I understand the process takes longer than expected and they probably haven’t got the desired equipment to make this process simple/cost effective?
#coyi
The cost is mainly man power as it is a manual process without hydraulic lifts or automated mechanisms. Stade Du France publicly state they use 40 people and it takes 80 hours. I estimate the Olympic Stadium would equally use around 40 people and take 80 hours (8 hours per day x 10 days). A skilled construction worker in London probably averaged £20 per hour that would work out at around £64,000 per conversation
Wow! Thanks Sean, they need to get it automated! But not our problem, it’s the E20 group that pays it right? Just an inconvenience and could delay matches I suppose?
To be honest it will only change twice per year. Once in the last Friday in June to athletics mode and again in the last weekend in July to swap back into football mode.
In reality it will not be worth swapping modes back and forwards in between
True! 🙂
Isn’t the wrap WestHamified so why aren’t we paying for it?
The Naming rights sponsor will also figure largely on the wrap and the Giant TV screen is a source of advertising which could pay towards the cost of the wrap on non match days. The original wrap for the Olympics was going to cost £10m being being shelved. The wrap design uses the Olympic shard pattern in West Ham colours.
What are your thoughts on the the opening Europa League game?
Do you think we will swap the tie due to the conversion and is this as easy as it sounds with UEFA ?