London Legacy Development Corporation (LLDC) bosses have revealed that London Stadium losses are forecast to reach around £15m down from £20m last year. The admission came at the London Assembly Budget and Performance committee this afternoon with Lyn Gardner and Gerry Murphy giving evidence to London Assembly members.
The LLDC also admitted to the committee that the London Stadium 185 operator contract is also loss-making costing £3.5m to fund even though the French operator’s bid promised a £5m surplus. They admitted the revenue currently generated by LS185 does not cover their fixed fee of £5.8m plus West Ham’s rent of £2.6m.
LLDC Deputy CEO Gerry Murphy confirmed the loss-making status of the Stadium and the LS185 is unlikely to change any time soon. The reduction of the Stadium losses from £20m last year to £15m is almost exclusively down to a reduction in seat moves from £10.8m down to £4.6m mostly because they didn’t move the East and West stands for the Athletics this summer.