London Stadium operator LS185 has been brought in-house by Stadium owner E20 in another attempt to put the venue on a firmer financial footing. The London Legacy Development Corporation will now directly control the former Olympic Stadium.
This follows earlier agreements between the LLDC and tenant West Ham Utd about ground capacity, ending concerns over expensive legal action.
Gareth Bacon AM, Chairman of the Budget & Performance Committee, said:
“We welcome the move to bring operations at the London Stadium in-house. The Committee has questioned why the management structure was so elaborate. This is especially relevant when the London Legacy Development Corporation is so reliant on the public purse.
“LS185 promised to run matchdays at a profit but could never live up to the hype and last year it cost the LLDC £3.5 million instead.
“We have stated repeatedly that the LLDC needed to get a firm grip on the legacy venues. This move is an example of a positive step in that direction.”
Notes to editors
- The London Assembly will discuss the Mayor’s budget on Thursday. Read the agenda papers here.
- Read the statement on the changes here.
- Gareth Bacon AM, Chairman of the Budget & Performance Committee is available for interview.
- Budget & Performance Committee.
- As well as investigating issues that matter to Londoners, the London Assembly acts as a check and a balance on the Mayor.
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