London Legacy Development Corporation CEO David Goldstone was quizzed about the future of the ownership of the London Stadium yesterday after reports emerged last week that the current owners E20 Stadium LPP could be wound up or put into administration.
Goldstone told London Assembly member Shaun Baily at yesterday’s plenary meeting that “The ownership structure is being looked at, there has been discussions between the Mayor of London and the Mayor of Newham around that but it is joint venture ownership and a joint venture body which is complicated with an arm’s length operator which contracts with concessionaires. We will look at that structure to make it more efficient and I think there will be decisions on that in the near future”
He later added: “The (London Stadium) ownership model is part of what is being looked at in terms of how the future of the stadium is resolved. The ownership is currently split to joint ownership between LLDC and London Borough of Newham as a joint venture called E20, it’s a limited liability partnership. With the benefit of hindsight, that structure looks unduly complex and somewhat unruly. It is difficult for the partners to decide to be clear where the responsibilities lay and it wants simplifying.I think saying that it is something that all parties agree and it is being discussed how that will happen.”
‘**** up’ and ‘Brewery’ come to mind – if I was a Rate-payer or Comunity Charge payer, or whatever they’re called nowadays, in Newham I’d get the right hump about the Council wasting our money on this Vanity Project.
If they want to stop the bleeding they should just sell it to us at a reasonable price and all the negative press will die down after the initial furore, its tax payers funding this, far better that private owners are found.