The former Olympic Stadium constitutes 25 per cent of total annual revenue expenditure by the London Legacy Development Corporation (LLDC). It continues to be a significant loss-maker, with £31 million lost in 2021-22 alone.
The LLDC has identified naming rights for London Stadium as a pivotal part of its strategy to improve the net revenue costs of operating the stadium, with naming rights income forecast to generate at least £2 million per year. However, there has been little evidence of progress.
After a failed bid for funding, the Old Oak and Park Royal Development Corporation (OPDC) altered plans for the regeneration of Old Oak North and will instead focus on a different area referred to as the “Western Lands”.
However, the OPDC holds no land in the new target area and has not yet made progress in doing so. Much of the land will not be available for many years due to the demands of the nearby HS2 worksite.
What does the future hold for the LLDC and OPDC? Are they delivering for Londoners?
The Mayor oversees a total budget of £19 billion and is responsible for setting the budget for the Greater London Authority (GLA) and its functional bodies, including the LLDC and the OPDC.
Tomorrow, the London Assembly Budget and Performance Committee will meet to question the LLDC and the OPDC on their budgets for 2023-24. The guests are:
LLDC – from 10am:
- Lyn Garner, Chief Executive, LLDC
- Richard Irish, Director of Finance, LLDC
- Enver Enver, Assistant Director Group Finance and Performance, GLA
OPDC – from 12pm:
- David Lunts, Chief Executive Officer, OPDC
- Liz Peace CBE, Chair, OPDC
- Jasbir Sandhu, Chief Finance Officer, OPDC
- Enver Enver, Assistant Director Group Finance and Performance, GLA
The meeting will take place on Wednesday, 7 December 2022 from 10am, in Committee Room 2&3, City Hall, Kamal Chunchie Way, London, E16 1ZE.
Media and members of the public are invited to attend.
The meeting can also be viewed LIVE or later via webcast or YouTube
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Notes to editors
- Full agenda papers.
- Peter Fortune AM, Chairman the Budget and Performance Committee, is available for interview.
- Find out more about the work of the Budget and Performance Committee.
- As well as investigating issues that matter to Londoners, the London Assembly acts as a check and a balance on the Mayor
For more details, please contact Emma Bowden in the Assembly Media Office on 07849 303 897. For out-of-hours media enquiries, call 020 7983 4000 and ask for the London Assembly duty press officer.