Concerns Olympic Stadium is heading towards insolvency as costs outstrip forecasts

The cost of switching the Olympic Stadium, now owned by E20 Stadium LLP which is a joint venture between the London Legacy Development Corporation (LLDC) and Newham Council, from a football stadium to an athletics stadium or event space is far higher than was forecast. This is resulting in concerns by the London Assembly on the viability of the company that runs it.

The cost for preparing the stadium for this years World Athletics Championships was expected to be by £300,000, the final cost was £8 million.  The cost of converting the stadium after the Olympics was £51 million higher than forecasts.

The London Assembly have given E20 Stadium 2 weeks to present their most recent accounts as concerns about the financial stability of thee company  continue to rise.

 

There are questions as to whether the anchor tenant, West Ham who negotiated an annual rent of £2.5 million is a deal that represents good value for the public.  Although the agreement is legally binding, this will be part of the review taken by the London Assembly.