The owners of the London Stadium, E2o have published their accounts year ending March 2019 which continue to show massive financial losses.E20 reported London Stadium income of just £5.7m of which they say £5.4m came from Operator London Stadium 185 of which £2.7m of that came from West Ham directly in rent company accounts reveal.
Cost of sales for the stadium was recorded at £17.3m and the annual loss for the year was recorded at £27m or £34m for the group when financing factors were included. Accumulated losses for E20 have reached £257m.
The London Stadium itself was valued at Nil in the accounts because of the cost of hosting of West Ham United and the relocatable seating moving from football mode and athletics mode.
London Stadium 185 (LS185) have also published their accounts this week following their sale by Vinci to E20 last January for £1m.
Turnover for the now public-owned stadium operator is up to £29.3m based on 15 months due to a financial year-end change
Cost of sales were recorded as £16.75m leaving a gross profit of £12.6m wiped out by administrative costs of £13.2m leaving a loss of £651,340 for 15 months.
If those figures wasn’t proof enough that West Ham United need to take full control of the London Stadium, I don’t know what is. Those who own and running the stadium are not up for the job. Time to hand it over to those who know how to run a stadium. Its obvious that those who own and run the stadium, DON’T.
Sooner or later the owners will have to give up, and sell the stadium.
Blame Tottenham Hotspur and Leyton Orient, West Ham were in place to purchase the stadium but objections held up the takeover, West Ham then took up the position of renting.
Financial answer would be to sell the stadium for a peppercorn rent for 999 years, West Ham would then have all financial control and London would still own the ground the stadium sits on, win, win unless Tottenham and Leyton Orient object, if not good luck to West Ham great business and thank you
E20 don’t own the land the stadium sits on. London Legacy Development Corporation own the land and E20 pay them £4,902 a year.
I have said it before but they will end up giving the stadium to us, not selling it to us.