London Stadium owners lose money again
West Ham‘s decision to continue renting the London Stadium rather than buying it again looks to be justified based on the latest figures available from owners E20.
It has been revealed that the revenue for the last year – to March 2023 – was £6.3m of which £4m came from West Ham in rent.
The cost of running the stadium (cost of sales) was £17.8m leaving an operating loss of £11.5m. E20 received an additional one-off £8.5m in exceptional revenue due to legal disputes with West Ham and legal firm Allen and Overy.
The London Stadium fair book value is listed as nil, making the stadium worthless as an asset. E20 owes £90m to LLDC through a loan and accrued interest.
And the owners have made provisions in their accounts for future losses of £232m because of onerous contracts with West Ham and UK Athletics.
Full accounts can be found at Companies House at te.company-information.service.gov.uk/company/OC3767