An investigation into the Olympic Park venues, run in similar fashion to the Olympic Stadium itself, by the London Legacy Development Corporation (LLDC), has found that they are failing to operate at break even.
This follows the revelation, made during a hearing of the GLA Budget and Performance Committee at which the LLDC was questioned, that on top of the hundreds of millions of pounds expended on building and conversion of the stadium, thousands of pounds are being spent on legal fees defending the financial secrecy of West Ham’s tenancy.
In a communication sent out by the Greater London Assembly, entitled ‘Olympic Park venues – gold medal or wooden spoon performance?’, it goes on to explain that the London Legacy Development Corporation has seen a succession of poor visitor numbers for the ArcelorMittal Orbit, Aquatics Centre and Copper Box, leading to combined losses of over £1.1m. This follows on from the investigation into the Olympic Stadium
There is a hearing of the London Assembly Regeneration Committee scheduled tomorrow (02/02/2016), asking:
Do the Olympic Park venues have a sustainable future? What difference will a new slide around the Orbit make to visitor numbers? And will the LLDC benefit financially if the Orbit starts generating a profit?
The first section of the meeting will focus on the work of the LLDC with:
- David Goldstone CBE, Chief Executive, LLDC
- Dr Paul Brickell, Executive
The meeting will take place on Tuesday, 2 February at 10:00am in Committee Room 5 at City Hall (The Queen’s Walk, London SE1).
Media and members of the public are invited to attend. The meeting can also be viewed via webcast.
“London City Hall” by Garry Knight – Flickr. Licensed under CC BY-SA 2.0 via Commons