Financial accounts submitted to Companies House from E20 – the company that owns the London Stadium – has announced further losses.
E20 Stadium LLP says they lost £29m in the financial year ending March 31st 2020 before the pandemic had a any major effect.
Those losses were two million up on the £27m lost suffered by the company which is turn owned by the London Legacy Development Corporation (LLDC)
London Stadium 185 who operates the stadium on behalf of E20 also also announced losses at Companies House yesterday.
Their losses doubled from £650,000 in 2019 to £1,380,000 in 2020.
The latest sets of financial results pose serious doubts on the business recovery plan aimed at stemming losses at the public owned asset with the taxpayer ultimately picking up the tab!
Next year’s financial results for the stadium are likely show less losses but only because of the knock-on effect of the London Stadium being close to supporters during the pandemic and not because of any business planning or foresight.
E20 LLP latest accounts can be found at E20 STADIUM LLP
London Stadium 185 accounts can be found at LONDON STADIUM 185 LIMITED
Thank God we’re not still at Upton Park, we’d probably bankrupt by now and thank God the LLDC owns our new stadium so we don’t have to cope with the massive losses. Looks like our owners played a blinder by making the move after all.
Absolute disgrace & waste of taxpayers money. I am sure the club would accept a deal to take over the stadium & put back into the community. At least then the club can make it a football stadium, the tax payers money can be better spent & Newham get a club supporting the community more than it does already. Too many executives earning too much for so little return & obstinate mayor who thinks this is an asset. Just my opinion.
what sort of stands do you want rick ?
I agree the more it loses the greater the chance of us buying it as originally planned in the post Olympics bidding process. Boris caving in to Levy put paid to that!
We will never be doomed but just be patient!
True it’s easier to make a stadium smaller than it is to make it bigger surely? Which means we can always bring the seats closer to the pitch and improve the rake at some point in the future. We just have to kick out the athletics but when we got the stadium on the promise of upholding the athletics legacy then that’s not really going to be possible is it.
Sad to say but all of this benefits West Ham as a business in the long run. Such losses won’t be allowed to continue and we’ll likely get to purchase the stadium at a very reduced cost in the not-too-distant future. i imagine this was part of the benefit that the owners saw in moving stadiums. Pretty astute business in my book if and when it comes to fruition.
The quicker GSB buy London Stadium for £1, and build stands that fulfill their promise of a stadium fit for purpose. The better. If they don’t. We are doomed 🏟️
Out of interest – why doomed?
agree with all bar doomed. As we are not doomed with it as it is now; not happy, but not doomed. But yes, build inwards and create a tight-packed stadium again; with all of the promenades and walkways full of Green Street loveliness! Can but dream:-)
Nearly matches Haller and Anderson deals.