A new company called Stratford East London Holdings Limited has been appointed as the new 35% owners of the London Stadium to replace Newham Legacy Investments owned by Newham Council.
Newham Legacy Investments gave up their shareholding of stadium owners E20 Stadium and any rights to repayment of their £40m loan on 30th November as their appointment was terminated.
Stratford East London Holdings Limited was appointed on 1st December and has one sole director in Gerry Murphy who is the Executive Director of Finance & Corporate Services and deputy CEO at the London Legacy Development Corporation (LLDC).
Essentially LLDC now fully own the London Stadium as they now control both members of the E20 Stadium limited liability partnership. Alan Fort has been appointed as the new Chief Restructuring Officer of the stadium, he has expertise in financial engineering of rescuing retail companies that are in financial distress.
To coin a phrase lets hope they can stop the financial bleeding.
HOT POTATOE!!!
Newham have basically poured £40 million down the drain (plus another £12 million – I think?) – if I was a Newham Community Charge payer I’d really have the hump!