The troubled London Stadium will come under the spotlight today when a panel of stakeholders will be quizzed about its future.
The London Assembly Budget Monitoring Sub-Committee will discuss what the future holds for the London Stadium and how Mayor Sadiq Khan can turn things around.
The meeting can be viewed live on youtube from 2pm on December 13.
On December 1, the Mayor’s investigation into the London Stadium, conducted by Moore Stephens, revealed a catalogue of financial missteps.
The Stadium, now the home of West Ham United FC, 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 London Legacy Development Corporation.
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 match days 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 will discuss what the future holds for the London Stadium and how the Mayor can sort it out.
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).