London Stadium financial woes continue

The Board of the London Legacy Development Corporation (LLDC) who own the London Stadium are due to meet next Tuesday. Board papers published online in advance of the meeting reveal the financial performance of the Stadium as well as the risk of ongoing operating challenges.

Accounts reveal that LLDC injected £19.1m of capital to E20 Stadium LLP this financial year against an original budget of £13.2m thus a further overspend of £5.9m

The report says “The overspend on Stadium includes loan funding to E20 Stadium LLP that is due to be reclassified as revenue-funded as part of the year-end statutory accounts process.”

Later adding: “The Mayor and LLDC are committed to working with West Ham, UK Athletics and Stadium operators
LS185, to improve the Stadium’s performance and finances. A Corporate Restructuring Officer is
developing a plan to improve the Stadium’s commercial performance with significant savings already
having been secured and work underway in a range of other areas.”

In outstanding risks, LLDC say the highest risk marked red is “Risk that the Stadium restructuring will not sufficiently improve the financial position of the Stadium.”

The papers for next Tuesday’s meeting can be found HERE