Newham council is expected to take over full ownership of the London Stadium long term. At present Newham Legacy Investments own 35% of the stadium with the London Legacy Development Corporation ( LLDC) owning the remaining 65% through a joint company called E20 Stadium LLP.
Long term the likelihood is that London Legacy Development Corporation will be disbanded with Newham inheriting the public asset as the government look to keep the former Olympic Stadium in public ownership.
Newham Council loaned Newham Legacy Investments £40m repayable over 40 years which was used as part of the Stadium transformation project along side West Ham’s £15m contribution. No repayments have been made to date back to Newham and the council have effectively written off the debt in their financial accounts for now but long term the council could still reap the financial benefit for their council tax payers.
The London stadium still has the potential of being profitable if a naming rights sponsor can be found and even more profitable if athletics vacate the stadium for a new stadium in Birmingham in 2022.
Newham residents could yet get their money back and the stadium could provide regular revenue back to one of the poorest council’s in London over the next 99 years once the stadium business model is fixed.
Operators London Stadium 185 have a 25-year contract to manage and operate the stadium but again long term West Ham are understood to be willing to take over that contract should Vinci decide to pull out or be stripped of the contract.
In the distant future, a London Stadium owned by Newham and managed and operated by West Ham would seem to be the best of both worlds and the right way forward. How long this will take only time will tell.
We live in hope, would rather deal with Newham council than the LLDC so long as the WHU supporter is in charge.
‘In the distant future’ are the right words for any hope of the London Stadium ever making a profit, particularly if they persist in having Athletics and all the hassle and cost of switching the modes back and forth.
If I was a Newham Community Charge payer I think I’d have the hump about the Council ‘wasting’ my money on a ‘vanity project’ that is also a money-pit!
Long term we may get new owners who can buy the stadium from Newham – once the athletics obligations have been sorted- and redevelop the ground into a proper football stadium.That would be good and we would own a home again.
I would love to get in the tardis & go forward 20 years in time to see whats happened.
Another bonus to that,all the grumbling i want my Boleyn back old farts probably will have probably snuffed it.I will be one of the old farts instead 😂
Let’s face it Upton Park was a dump, even in the Upper Rio where we had our seats between the Directors and the Press Boxes, you were in a dirty shed, the tellys rarely worked, the toilets were disgusting, the beer was pi$$ (and expensive!), parking was a nightmare, the Tube journey was an equal nightmare etc – the only saving grace was what went on on the pitch (and a lot of the time that was dire!) – some great moments made up for all the negatives!
I’m not fond of the ‘London’ Stadium but it’s definitely an improvement on Upton Park!
I loved The Boleyn Michael i must admit but we aint there no more & the tits who are still banging on about it do my head in.Nothing is going to change by them declaring their feelings of loss & tragedy about it all.
Fair play i could understand it for a month or 2 but now its friggin boring after over a year of it.
And all this bollaches about this amazing atmosphere is pure fantasy for most games there in recent times.A pigeon could have taken a shat & you would have heard it hit the floor during lots of matches 😁
Given the choice Boleyn or LS i would take The Boleyn everytime but it aint there no more end of story.
Ha Ha youre a bad man Lama.
Lol no just wet & bored waiting for the day to finish so i can get p*ssed.I wish no harm on any Irons support,i hope the old farts are still around to get a telegram from Queenie 😂
😭😭 I aim this IBS fart in you’re general direction 😂😂😂 100 ? Naa , not me mate unless Michael Palin finds a cure for all known disease’s and trump finds his mojo and confined to his pram!!
Be nice to get to Wembley again though , chuckle brothers will eventually buy the gaff IMO
But need a tardis as you say to see the outcome , watch it though mate 40 -50- 60 ish comes fast and furiouse , no time machine needed it fekin fly’s , 😂😂
I aim this this middle finger straight back a you 😀
Yeah i know mate,i seem to be flying through the 30s i dont want to think about the 40s or 50s yet👴👵😵
Might see if i can score myself a job in the Caribbean for 6 months,word has it they might need some walls rebuilt 🌴🌀😊
😂😂 the CPP will be after you for that 😂
Yes ,flying , then zooming then E=mc2 😂 you’ll be happy to know you don’t lose the humour though , only sad bustards do that , they call it growing up in some circles lol there’s definitely been a few about lately lol 😂
Now go away or I shall taunt you a sacond time 😂