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.
Once the Alexander Athletics Stadium is refurbished in Birmingham and becomes the athletics headquarters, and will host the commonwealth games, there will be no reason to host athletics at the London Stadium regardless of Seb Coe’s legacy pledge. That pledge can continue in Birmingham. The LLDC and government will be only too happy to sell us the stadium and end this fiasco
But the athletics only £4m of the losses and the seats would still need to move for music concerts and baseball
I imagine it’s time they paid west ham to take the stadium off their hands….
The Davids long business strategy would be to get the stadium for nex tonothing