The Queen Elizabeth Olympic Park have a number of venues in addition to the parklands and playgrounds.
These attractions include the Copper Box Arena, The London Aquatics Centre, Lee Valley Hockey and Tennis Centre, Lee Valley Velopark, Arcelor Mittal Orbit and the London Stadium.
None of them makes any serious profit but Pai think they can provide a return to their investors!
The London Stadium lost £29m in its last full financial year, which is set to reduce in this financial year but only because it has been closed to visitors for so long.
With the exception of the Aquatics centre swimming complex and the Copper Box Arena, the attractions are loss-making with a combined £2m profit from the Aquatics and Cooper Box. The financial figures for last year show an overall loss of £7.3m for the park, some £11.4m less than forecast as most of the venues were shut due to COVID restrictions which saved money.
The original budget forecast operating losses for the park at £18.7m which were only reduced due to the pandemic.
Why PAI Capital thinks they can turn the white elephant around and give a return to their investors is difficult to work out.
Working overtime in an attempt to discredit the potential takeover?! 😂
They clearly have a plan for the stadium and surrounding area, just because you don’t see it, does not mean it’s not there.
Come on now. 😂
Trust me there will be no takeover Sean. Whatever their plan they won’t have a bid accepted. How much would you like on it?
Just looking desperate mate
The park is one of the few Olympic sites where there is a legacy of continuous use of the facilities. Greece has a “white elephant” so I believe has Sydney London most definitely is not. PIA sound like a bunch of shysters.
The millennium dome was a money pit, then it went into private hands 👍🙂
PAI should start with an ice-cream van outside the stadium first. See how that goes for a couple of years and then expand the business model to include a stall selling scarves. If they show themselves to be competent at those tasks, then we can let them loose on running the NHS.
Legacy was never envisaged to run at a profit. It was a requirement for a successful bid to host the 2012 Olympic Games. Obviously some sharp types will attempt to justify their money-making plans by pointing out the costs of Legacy and how they could make a bob or two whilst saving the taxpayer a ‘fortune’. They’ll be wanting to maximise potential at Buckingham Palace and the New Forest next.
COYI