- The cost of retrofitting the Stadium has risen from a budgeted £190 million to £323 million
- The stadium’s approved business case forecasted a surplus, but it will now lose over £10 million every year
On 1 November 2016, Sadiq Khan announced an investigation into the rising costs of West Ham’s London Stadium[1]. On 1 December 2017, the report into the Stadium was published,[2] revealing for the first time the depth of its financial difficulties. The Mayor’s review covered three distinct phases of the Stadium’s life:
- Olympic bodies’ original decision making in the design of the Stadium
- The London Legacy Development Corporation (LLDC)’s (and its predecessors’) decisions in tendering for and delivering the Stadium transformation
- Decisions made about the current operational arrangements of the Stadium
Following on from sessions with the Mayor’s Chief of Staff and the LLDC Chief Executive in December 2017 and January 2018, tomorrow, the London Assembly Budget Monitoring Sub-Committee will question two of the key decision makers associated with the London Stadium, who were in post before the Olympics took place:
- David Edmonds CBE, former Chairman, LLDC
- Neale Coleman CBE, former Deputy Chairman, LLDC.
The meeting will take place on Wednesday, 21 March from 2:00pm in The Chamber (The Queen’s Walk, London SE1).
Media and members of the public are invited to attend
The meeting can also be viewed LIVE via webcast.
Follow us @LondonAssembly and take part in the meeting discussion using #AssemblyBudget and #LondonStadium.
Notes to editors
1. BBC Sport, London Stadium: Sadiq Khan orders investigation over rising costs, 1 November 2016
2. Moore Stephens, Moore Stephens Olympic Stadium Review, 1 December 2017
4. Gareth Bacon AM, Chairman of the Budget and Performance Committee is available for interview. See contact details below.
6. As well as investigating issues that matter to Londoners, the London Assembly acts as a check and a balance on the Mayor.