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London Stadium loan is damaged

london-stadium-fansNewham Council has said a £40m loan made to transform London Stadium is “damaged” and would only be recouped if the former Olympic Stadium started making money .

Newham insists they have not “written off” the loan and that downgrading its status was merely “prudent and responsible” accounting in response to the stadium’s “challenging” first year in its new guise. But councillors and residents expressed concern as the borough, one of the most deprived in the country, is facing cuts.

 Newham Labour councillor Rokhsana Fiaz, a member of the audit board and the council’s chairman of scrutiny, said: “It’s alarming for residents to read about a £44.4 million impairment relating to a loan Newham council has given to refurbish West Ham’s stadium via a company it owns. I’ve asked for urgent clarification and details including any further financial implications facing Newham council. Residents need reassurances that their money hasn’t been wasted and that the financial benefits promised from this much-heralded council investment continue to flow.”

“Newham council is working with the Greater London Authority, the London Legacy Development Corporation and our other stadium partners on a range of options to improve the financial performance of the stadium. The future value of our loan, and its treatment in our accounts, is directly linked to that future performance.”

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About Sean Whetstone

I am Season Ticket Holder in West stand lower at the London Stadium and before that, I used to stand in the Sir Trevor Brooking Lower Row R seat 159 in the Boleyn Ground and in the Eighties I stood on the terraces of the old South Bank. I am a presenter on the West Ham Podcast called MooreThanJustaPodcast.co.uk. A Blogger on WestHamTillIdie.com a member of the West Ham Supporters Advisory Board (SAB), Founder of a Youtube channel called Mr West Ham Football at http://www.youtube.com/MrWestHamFootball, I am also the associate editor here at Claret and Hugh. Life Long singer of bubbles! Come on you Irons! Follow me at @Westhamfootball on twitter

4 comments on “London Stadium loan is damaged

  1. “Newham Labour councillor Rokhsana Fiaz…said: “It’s alarming for residents to read about a £44.4 million impairment relating to a loan Newham council has given to refurbish West Ham’s stadium via a company it owns.”

    I am fed up with all the negative publicity. When are the club’s PR people going to do their job? Every time this sort of thing appears they should write to the journalist and person quoted asking for a correction/apology, pointing out that it is not “West Ham’s stadium” we only rent it for 25 days per year and without our business the stadium owners would be in a worse financial state and we pay considerably more than British Athletics who have the stadium for more days. If we don’t fight the PR battle this will go on for ever and the clubs already tarnished reputation will be completely worthless.

    • Not alot the club’s PR can do,it’s a lousy deal for everyone accept our owners

    • Sparrow you are totally correct. This is the mistake we made with Sheffield Utd and the Carlos Tevez afair. If you allow lies to be repeated and repeated over and over again without challenging them, every time, they ultimately gain creadence and become fact. It is not our stadium; it is not our fault. The club need to get their act together and counter these falsehoods whenever they appear. I know it seems pedantic but it is very important to put on record our disagreement every time. You cannot allow people to say the black is white, the moon is the sun and just ignore it.

  2. Looks like the penny has finally dropped with Newham Council!

    Whatever happened to that report that the London Mayor, Mr Kahn, commissioned? That should make for interesting reading – you never know they might finally see sense and relocate Athletics to Birmingham or somewhere else!

    I wouldn’t hold your breath though!

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