London Stadium owners held a secret meeting last week to discuss the future funding of E20 Stadium LLP which owns the stadium which continues to make huge losses.
The London Legacy Development Corporation (LLDC) called an Extraordinary Meeting of the Board of the LLDC on Wednesday last week but the press and public were excluded and all reports were classified away from any public scrutiny.
The LLDC board consists of the deputy chairman Philip Lewis with board members Sonita Alleyne, Nick Bitel, Nicky Dunn, Keith Edelman (former MD of Arsenal holdings), David Gregson, Jeff Jacobs, Lord Andrew Mawson, Baroness Grey-Thompson, Mayor John Biggs, Mayor Philip Glanville, Jules Pipe and Newham Mayor and self-confessed West Ham fan Sir Robin Wales.
Newham Legacy Investments (NLI) which owns forty percent of the London Stadium lost another £2.5m in the financial year up to April 2017 new figures released by the council earlier this month.
A report presented to the London Legacy Development Corporation Investment Committee on 9th May this year shows the real depth of losses being racked up by the London Stadium public body owners.
The LLDC March 2017 Management Accounts which can be found here shows the public body spent £35.54m on the London Stadium in the financial year ending 31st March 2017 against their original budget of just £7.58m, a massive £27.95m overspend.
The Dave’s are rubbing their hands together in between pressing the keys on the calculator
🙂 🙂 🙂
Interesting stuff.
They’ll be begging us to buy it in a year for a knocked down price, or similar to the 02, overseas investors will take over and make a go of it.
There is no way a business can carry on posting losses which basically has limited chances of increasing revenues.
These numbers are without the £8m to make the stadium fit for purposes for the worlds and then back for us.
Anyway another chance for the media and every other club to knock us and the deal.
No one else will take it over because it’s let to a certain football club for 9 months a year for the next 98 years. It’s all falling into our lap.
Where would it leave us if they went bust? No Company can sustain losses like that indefinitely, the Daves have said they have no interest in buying it haven’t they?
E20 Stadium LLP is backed and guaranteed by the tax payer so it can’t go bust! West Ham insisted on this clause for that very reason
A win win situation Sean 🙂 buisness deal of the century , this will rumble on until they are being begged on all fours to take the elephant off their books 🙂 but as a final deal they should insist on a complete overhaul of the interior to make it a football attractive stadium ,free of charge of course 🙂 🙂 🙂 and Barry hearn doing a lap of honour in a nappy 🙂