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LLDC announce reduced stadium losses

Filed: Thursday, 27th September 2018
By: Staff Writer

The London Legacy Development Corporation have confirmed that they have cut their annual losses pertaining to the Olympic Stadium - from 20million in the last financial year to 15million.

The 25 per cent reduction in the arena's annual losses is largely due to the change in the manner in which the temporary seating is stored during the summer, according to LLDC chief executive Lyn Garner.

However the impact of the reduction in annual deficit has been largely negated by the estimated 4million of taxpayers' money spent in the last 12 months by the LLDC fighting legal action brought by West Ham United in challenges to the stadium contract.

According to Ms Garner, who admitted to "not being a football fan despite my Liverpudlian roots", a distinct "lack of clarity" in the existing contract is the main reason for the continued barrage of litigation.

And she confirmed that an impending case regarding the stadium's capacity is set to begin shortly (November).

"One of the key issues around the contract is a lack of clarity over some things - and there is a distinct lack of clarity around additional seating capacity within the stadium," Ms Garner told today's Assembly.

"At the moment the contract is very clear, we have to provide 54,000 seats as part of that contractual piece. West Ham feel they're entitled to up to 60,000 seats and possibly some more.

"We feel that's not explicit in the contract and will be rather expensive should we simply allow that to happen, because we'd have to pay all the costs. We think there's a commercial position as well, so we're defending that position.

"All of these litigation items are rooted in the lack of clarity in the original contract."

I went to a football match recently - it felt fine !

London Legacy Development Corporation Chief Executive Lyn Garner shares her view on the "look and feel" of the Olympic Stadium and it's suitability as a venue in which to host Premier League football...

*Lyn Garner: London Assembly, 27 Sept 2018

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