London Legacy Development Corporation (LLDC) Chief Commercial Officer Joanna Adams has resigned to join London Stadium tenants UK Athletics as their new Chief Executive Officer after less than six months in her role to change the London Stadium financial fortunes.
The LLDC which owns the London Stadium announced the appointment last August in a fan fayre press release telling how the former Chief Executive of England Netball would help realise the commercial potential of the Park and venues – including London Stadium.
The news of Adams appointment as the new £200,000 per year CEO of UK Athletics was broken last month by the Times.
In the LLDC board meeting report due to be held on 17th March the papers say:
“In the last report, we noted that Joanna Adams had taken up her post as E20’s Chief Commercial Officer. As has been reported in the media, Joanna has agreed to take a post as Chief Executive at UK Athletics. Joanna has added real value during her time with us and left us in great shape to take the work on the commercial strategy forward, and we are working with Joanna to ensure a comprehensive handover before she takes up her new post. UK Athletics are a key partner for LLDC and we look forward to maintaining our good relationship with Joanna when she takes up post.”
The UK Athletics agreement with LLDC for the London Stadium was released under the Freedom of Information several years ago, it reveals that UKA pays a basic £35,000 ‘Maintenance Fee’ for an exclusive rental period called the ‘Athletics window.’ An additional ‘Super Profit Payment’ is due for Athletic events that make a significant profit
The profit share amount is equal to 15 per cent of the full event revenue less UK Athletics running costs and the average revenue they made in the three years before moving the Olympic Stadium for the same event. As a result, they do not share any profit on the first 16,000 tickets. UK Athletics also pay the stadium operators their ‘Operating costs’ for each event at cost price.
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This could be the first step in the plan for UK Athletics to move to the new Birmingham Athletics Stadium when it is finished in ‘ late 2021 ‘. And the start of the sale of the London Stadium ?
Nowadays, she was lucky to get off any ship……..
lol