London Stadium owners hope to save £7m from London Stadium running costs over the next five years and at least £1m this year.
LLDC CEO Lyn Garner was speaking to the London Assembly plenary last week when she told assembly members “We are hoping to reduce costs by £7m over that five year period to bring the public subsidy down, I think we can go further than that”
“I am employing Chief Commercial Officer who is joining me in November, she was previously the CEO of England Netball and a background in sponsorship. This year we expect to make a £1m saving in the bottom-line operating costs potentially £2m”
In LLDC’s draft budget published earlier this year, the London Stadium was forecast to lose £29.3m for this financial year.
The news that £7m is targeted to be saved will be welcomed by some taxpayers but in reality, it is a drop in the ocean when compared to overall loses for the stadium. The biggest fundamental change to reduce significant losses would be to relocate athletics but there doesn’t appear to be a political appetite or will to do that so the losses will continue for the foreseeable future.
