Those glorious Olympics, eh?

Still paying through the nose for them:

The London Stadium, home of West Ham United, cost taxpayers an extra £30m last year as the ground’s owners struggled to agree naming rights for the former Olympics venue.

Despite benefitting from a refund in business rates and lower operating costs as matches were played behind closed doors, the stadium, controlled by the taxpayer-backed planning authority London Legacy Development Corporation, remains in the red.

Shareholder’s injected £28.7m of cash through a combination of equity and debt in the year to March 2021, according to recently filed accounts.

Previously published accounts have shown the stadium racking up losses of £450m in the five years to March 2020.

The Hammers, who are currently fifth in the Premier League, pay £2.8m-a-year to use the stadium under an agreement dubbed the “deal of the century” by the Taxpayers’ Alliance.

10 thoughts on “Those glorious Olympics, eh?”

  1. SUBS!!!!!

    Shareholders.
    £2.8m a year.
    And I don’t think a development corporation is a planning authority. The planning authority is the planning authority. A development corporation is a development corporation.

  2. jgh said:
    “And I don’t think a development corporation is a planning authority”

    I think they can be, and often are. Takes the planning decision for a particular area out of the local authority control and gives it to the DevCo. Used for Milton Keynes, Docklands and similar.

    Something similar is done for National Parks, but for roughly the opposite reason – to have less development, rather than more.

  3. dearieme,

    To be fair, the Conservatives were right behind it too. Major’s government supported the Manchester bid, spent money on all sorts of things to help win it. And Boris welcomed it for London.

    Mrs Thatch is about the last Conservative who didn’t care about the Olympics. When Birmingham bid, she offered nothing. If the people of Birmingham wanted it, they could pay for it.

  4. And the Commoneealth Games in Edinburgh. The city came with the begging bowl when they git their sums wrong and Mrs T told them where to shove it.

  5. Bloke in the Fourth Reich

    The crowning glory has to be Sheffield’s unwanted “World Student Games”.

    Also came with its own entirely unwanted, unloved, and largely unused Don Valley Stadium (recently demolished) which would usher in a glorious new future for the desolate wasteland surrounding it in the Peoples’ Democratic Republic of South Yorkshire.

  6. Bloke: Hey, don’t knock the WSG! We only have eleven years left on the mortgage on the buildings we knocked down!

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