E20 on the rocks

  • by Staff Writer
  • Thursday, 23rd November 2017

Members of the London Assembley have demanded to see accounts relating to the company that runs the Olympic Stadium, after rumours that they were about to be wound up emerged.

E20 Stadium LLP was formed in July 2012 as an partnership between Newham Council and the LLDC (London Legacy Development Corporation). However rumours that the company is about to go uner led the Assembly to demand answers in a meeting held earlier this week.

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"This company spends vast amounts of public money and we know it is in financial difficulty," said committee chairman Gareth Bacon. "But we have been prevented from seeing the accounts of E20 Stadium LLP. Why?

"The assembly needs this information immediately so we can assess whether [Sadiq Khan] is making the right decisions when it comes to the London Stadium and Olympic legacy. The assembly needs to do its job of scrutinising the issues that matter to London, unhindered."

Earlier this month the LLDC confirmed that it had no plans to cancel West Ham's 99-year lease of the stadium, depite referrring to the agreement as "onerous".

"We have a concession agreement with West Ham," LLDC Chief Executive David Goldstone told the assembly. "Those contracts are onerous, we make a loss - but we are working to fix it so the losses are dramatically less."

Meanwhile E20 have been given a fortnight in which to provide copies of their latest, up-to-date accounts, whilst an LLDC spokesman confirmed that a review - ordered recently by Mayor Khan and being prepared by accountancy firm Moore Stephens - was forthcoming.

"LLDC and Newham Council are working closely with E20, the London Stadium's owners, to address the long-standing financial challenges in the best interests of the residents of Newham and Londoners," they said.

"A decision about the future of E20 and the stadium will be made by the Mayor alongside the publication of the Moore Stephens review."

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