London Stadium losses to total £124m

London Stadium owners LLDC have budgeted for a further £124.5m over the last five years despite restructuring.

A draft budget submission published by LLDC shows predicted losses of £27.3m this financial increasing to £29.3m next year 2019/2010 which starts in April.

Losses are forecast to slightly decrease in 2020/2021 to £28.8m before dropping £19.2m of losses in 2021/2022.  The final year forecast is 2022/2023 with an increased loss of £19.9m.

There is no approved funding beyond 2023 and that is subject to future approval by the London Mayor.

The disappointing financial forecast comes despite an out of court settlement to settle their differences over the concessionaire agreement with West Ham and buying out operator London Stadium 185 last month with a pay off to Vinci Stadium who held a 25-year contract to operate the stadium.

LLDC CEO Lyn Garner is under pressure to make further efficiency savings to reduce the subsidy from the taxpayer to fund the ongoing running costs of the London Stadium.