Taxpayers to pay bulk of Olympic Stadium costs


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Taxpayers to pay bulk of Olympic Stadium costs
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omenator Offline

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Taxpayers to pay bulk of Olympic Stadium costs

Taxpayers will contribute up to £185m towards the cost of converting the Olympic Stadium, Sky Sports News has learned.

Sources say redevelopment work costing as much as £200m is needed before West Ham move into the Newham venue on a 99-year lease in 2016.

And the Premier League club must hand over just £15m of that figure, with the remainder of the cost borne by the London Legacy Development Corporation (£120m), Newham Council (£40m) and the Government (£25m).

Contacted for a response by Sky Sports News the LLDC - the body responsible for overseeing the transformation work - said: "The stadium transformation has been delivered through public competitive processes to ensure best value for taxpayers".

And a spokesman for West Ham pointed out taxpayers will recoup money for the duration of the 99-year lease in rent, catering receipts and naming rights.

The venue will also host events unrelated to West Ham, including 2015 Rugby World Cup games, rock concerts and the 2017 World Athletics Championships.

And a statement from the club read: "This total package will be worth hundreds of millions of pounds to the taxpayer over the course of the agreement. We offered the only viable solution to the long-term financial success of the stadium."

But Leyton Orient chairman Barry Hearn, who has fought a long battle for the right to share the ground, has called West Ham's move "the deal of the century".

And Robert Oxley, campaign director for the Taxpayers' Alliance, told Sky Sports News: "It's incredibly worrying.

"We've already spent £0.5bn in taxpayers' money building the stadium. The idea that we've got to pay nearly another £200m readying the stadium is a terrible deal for taxpayers."

Earlier this year Sky Sports News discovered under the Freedom of Information Act that taxpayers are paying £1m a year to maintain the stadium while it is unused.

The fate of the arena has proved a long running headache for the Government and London Mayor Boris Johnson, but both maintain the right outcome has been reached.

The venue will eventually become a 55,000-capacity multi-use stadium hosting football in the winter and athletics in the summer.

A full roof is to be fitted along with retractable seats that move over the athletics track.
25th November 2013 03:45 PM
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The Lewis Offline

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Taxpayers to pay bulk of Olympic Stadium costs

How has this been passed?
25th November 2013 06:13 PM
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countofbiarritz Offline

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Taxpayers to pay bulk of Olympic Stadium costs

Fuck it, I'm going to build myself a windmill made out of lapis lazuli and send the bill to "London". One day they'll pay for their own shit and I'll drop dead from shock. Scotland doesn't need independence from the Union, its everywhere else that needs to secede from London. Let them rot in their gilded shithole.

And the tax payers alliance can get fucked as well. Nothing more than a water tester for Tory vindictiveness. Another right wing mouthpiece group with all the legitimacy of my bell end fluff but with a fraction of the appeal.
25th November 2013 06:21 PM
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Venegoor Offline

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RE: Taxpayers to pay bulk of Olympic Stadium costs

I can't wait until i'm 148 and living like a Sultan when the tax benefits start to roll in. The whole stadium thing has been a fiasco from first brick to last, and as a tax paying stakeholder, instead of watching pre-pubescent irritants like 1 direction (fucking downwards hopefully) and bean bag bonce Allerdyce strutting around the place, I want to see a knock out competition of lesbian fisting and blow job marathons.
25th November 2013 06:30 PM
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LeazesLoyal Offline

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RE: Taxpayers to pay bulk of Olympic Stadium costs

This all depends on how much rent West Ham are expected to pay each year for use of the stadium.

If it covers the cost of the stadium within the first ten years, West Ham cover upkeep costs aswell, them it could generate a tidy profit over time for the tax payer.

I suspect that won't be the case though.

Also West Ham can't fill their current shytehole so how will they fill a ground almost double the size?
25th November 2013 07:25 PM
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omenator Offline

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Taxpayers to pay bulk of Olympic Stadium costs

Was agreed back in March

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They will pay £2m a year in rent
25th November 2013 07:30 PM
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LeazesLoyal Offline

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RE: Taxpayers to pay bulk of Olympic Stadium costs

Fucking hell, no wonder Orient's chairman calls it deal of the century.

That's ridiculous.
25th November 2013 08:22 PM
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Workshy Fop Offline

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Taxpayers to pay bulk of Olympic Stadium costs

If it currently costs us 1m a year, that's 1m a year back into the public purse. So in 185 years we'll make our money back. Assuming costs stay the same for the next two centuries or so.
25th November 2013 08:28 PM
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LeazesLoyal Offline

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RE: Taxpayers to pay bulk of Olympic Stadium costs

It just goes to show politicians don't have a clue on how to negotiate business deals. West Ham must be laughing Karen Brady's tits off
25th November 2013 08:37 PM
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omenator Offline

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RE: Taxpayers to pay bulk of Olympic Stadium costs

(25th November 2013 08:28 PM)Workshy Fop Wrote: Guests cannot see links in the messages. Please register to forum by clicking here to see links.If it currently costs us 1m a year, that's 1m a year back into the public purse. So in 185 years we'll make our money back. Assuming costs stay the same for the next two centuries or so.

Have you taken into account how much it cost us to build Wink
25th November 2013 08:39 PM
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