The Greater London Authority budget is up for consultation again for the financial year 2021-2022.
The London Stadium will again be looking for funding from the Mayor of London and the London Assembly.
The budget documentation says that £11.8m is budgeted as a contribution from the GLA to London Stadium running costs for 2021-2022 dropping to £11.1m for the year 2022-2023.
The London Legacy Development Corporation (LLDC) are also seeking an additional £3.5m of capital for improvements to the London Stadium in the financial year 2021-2022 which will drop to £2.9m in 2022-2023.
E20 Stadium the public company that owns the London Stadium made a loss of £29.1 million in the financial year 2019-2020.
Operating costs of the stadium reduced by £9.5m last year due to the venue’s closure around COVID restrictions.
Any shortfall from the GLA funding is made up by E20’s parent, the London Legacy Development Corporation (LLDC) who leased land on the Olympic Park.
Complete madness for the taxpayer. The whole athletics legacy idea ran out of legs long ago. The mayor must have nightmares about this. Meanwhile we can continue as the most heavily subsidised club on the planet. We’ve offered more than once to buy…
The most expensive stadium in the world.
About 95 years to go on the lease at a loss of circle 20m a year, which will increase over time with inflation costs.
2bn of taxpayers money.
Our club used to cost very little to the taxpayers if anything, everything was self sufficient , how it should be.
I get it wasn’t our doing and Coe and the clown Johnson bullied it the through, but you have to draw a line sometimes.
Some might say Brady was clever,I think it’s an embarrassment to be involved in.
It hasn’t done anything for our club.
Totally agree with this. It IS an embarrassment to be involved. Time for the government, whether that’s the GLA or central government, to admit the enormous mistakes that have been made, and buy West Ham out of the current contract. Perhaps that can only happen after Boris Johnson has exited the political stage. His fingerprints, along with those of other politicians, is all over this mess, in what has become a classic Boris tactic: spend/act/do something that will get the popular vote now, and let somebody else do the the thinking/clear the mess up much later on.