On December 1st, the Mayor’s investigation into the London Stadium, conducted by Moore Stephens, revealed a catalogue of financial missteps. The Stadium will lose £20 million in 2017-18 and approximately £15 million each year thereafter. At the same time, the Mayor announced that Newham Council was exiting the E20 partnership that runs the Stadium and he was taking sole control of the London Stadium through the LLDC (spell out). In order to avoid the Stadium’s financial difficulties having a snowball effect on the rest of the GLA Group, the Mayor needs to:
- Reduce the costs of day-to-day management of the Stadium through contract management.
- Make matchdays more profitable.
- Reduce the costs of the seating arrangements, converting fewer stands from football mode to athletics mode.
- Increase income, by securing a naming rights deal.
Tomorrow, the London Assembly Budget Monitoring Sub-Committee [1] will discuss what the future holds for the London Stadium and how the Mayor can turn things around.
The following guests will answer questions:
- Gerry Murphy, Acting Chief Executive/Executive Director of Finance, Commercial and Corporate Services, London Legacy Development Corporation;
- Merryck Lowe, Head of Disputes, Advisory and Investigations, Moore Stephens;
- David Bellamy, Chief of Staff to the Mayor of London; and
- Martin Clarke, Executive Director of Resources, GLA.
The meeting will take place on Wednesday, 13 December from 2.00pm in the Chamber at City Hall (The Queen’s Walk, London SE1).
Media and members of the public are invited to attend
Social Media:
The meeting can also be viewed LIVE via webcast or YouTube
Follow us and take part in the meeting discussion using #AssemblyBudget #LondonStadium
Notes to editors
- The key responsibility of the Budget and Performance Sub-Committee is its annual scrutiny of the Mayor’s budget proposals for the next financial year. This involves detailed examination of the Mayor’s plans for spending his budget to help ensure taxpayers’ money is used appropriately and effectively.
- Gareth Bacon AM, Chairman of the Budget & Performance Committee is available for interview. See contact details below.
- As well as investigating issues that matter to Londoners, the London Assembly acts as a check and a balance on the Mayor.
For media enquiries, please contact Sonia Labboun on 020 7983 5769. For out of hours media enquiries, call 020 7983 4000 and ask for the London Assembly duty press officer. Non-media enquiries should be directed to the Public Liaison Unit on 020 7983 4100.