London Stadium owners, London Legacy Development Corporation (LLDC) will get a grim financial update on the stadium when the board meets on Monday.
The Deputy Chief Executive set out the Corporation’s Statement of Accounts for the financial year ending 31 March 2019, together with the reports on E20 Stadium LLP and LS185 LLP 2018/19 statutory accounts back in July. Those financial figures released by the LLDC show that the London Stadium lost £25.5m for the financial year that ended at the end of March this year slightly better than originally budgeted.
Reports showing the updated financial performance for the current financial year which will be shared with LLDC directors on Monday show an increased loss for the London Stadium budgeted at £29.9m for 2019/2020 with a slightly better-predicted forecast of a £29.1m loss.
The forecast shows that the stadium figures continue to go in the wrong direction despite claims of an operational surplus from Major League baseball.
These losses are not sustainable as the taxpayer continues to subsidise the loss-making stadium and something needs to drastically change.