No profit in Olympic park or stadium
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.