A newspaper revealed today that the London Legacy Development Corporation (LLDC) will only receive a £200,000 profit from the Olympic Stadium.
The Mail on Sunday exclusively revealed that internal LLDC paperwork shows they expect to make a profit of only £200,000 in 2016-17 from all activity at the Olympic Stadium. That will include not just from West Ham games but athletics events, concerts and probably some rugby, baseball and motor sport.
This news shouldn’t come as a complete shock to many as the LLDC CEO David Goldstone recently revealed at a London Assembly budget committee that the former Olympic Stadium was only planned to break even on it’s running costs so a £200,000 profit would be a bonus on his previous statement. Mr Goldstone also revealed that the cost of rebuilding the Olympic Stadium will recovered from the wider redevelopment of the Olympic Stadium and not necessarily from the stadium itself.
Although the figure of £702m is widely reported as the cost of the Olympic Stadium, you have to remember that the first £430m was the cost of building the Olympic Stadium for the London Olympics and therefore nothing to do with West Ham or other legacy uses. Around another £56m was set aside in the Olympic Stadium budget to convert the Stadium post games to a 25,000 seater Athletics stadium so the real difference to build a multi use Stadium which includes football is £199m.
The wider development of the Queen Elizabeth Olympic park is expected to bring in up to £1 billion over time while the London Olympics itself has estimated to contribute up to £3 billion to the UK Economy so there is no reason why the taxpayers will not receive a return on their investment long term. Unfortunately West Ham seem to get mentioned in every headline like it somehow our fault or we are to blame for the costs to the taxpayer.
Without West Ham, the Stadium would be a white elephant with weeds growing in it like the Athens Olympic Stadium pictured above. West Ham’s 99 year agreement with E20 Stadium LLP will help bring money, jobs and worldwide recognition to the Stadium and wide Olympic park. It will help underpin the success and prosperity of the whole area.
recently David Sullivan said that the government will get the majority of the catering profits.
Add that to ” the lions share ” of the naming rights, as said in the original presentation; what the hell do we get out of it then???
We get a fantastic new home and the chance to take this club to a whole new level .The antis would rather it was bulldozed to the ground and left to grow weeds rather than see WHUFC move in , so i don’t think the anti West Ham thing has ever been about the money
more about jealousy by certain individuals , Levy and Hearn spring to mind !
What do we get? We get the use of a bigger stadium with fantastic transport for £100,00 per match without having to pay for rates, stewarding, policing, electricity, maintenance etc
With the facilities we should be able to maximise extra revenue through corporate, ticket sales, retail and sponsorship which in turn allows us to invest in more players and improve our on the pitch results.
Meanwhile the likes of Chelsea and Spurs will have to pay for and fund their own stadiums in the same way Arsenal did which held back their on the filed spending for years.
Well that’s the plan anyway!
The quote is quite spurious anyway it is only an anticipated profit related to the first year, these quotes usually turn out to be complete fiction, just another bit of cheap sensationalist journalism that we will have to endure for a few seasons, Man City don’t get it anymore despite being leased a stadium without any cost incurred by the club. Noticably there stadium cost only £112m to build and a further £22m to convert to a football stadium but this is because it was better planned and always in mind that City would take over the Stadium post the 2002 commonwealth games so the legacy was already built in. I guess the southern shandy drinking tw@ts that support our London rivals are a lot more petty than the northern monkeys that support their rivals…
£200,000 is probably more than the Daily Mail will pay in tax next year…. recent Private Eyes have had some words about those publishers who live in glass houses and throw stones….