View from the council: Stadium investment still reaps rewards

PUBLISHED: 08:00 10 December 2017

Newham Cll PR

The 2012 Olympic and Paralympic Games shone a spotlight on east London and kick-started regeneration.

Newham Council always wanted to ensure the legacy lasted beyond the Games. Newham fought the original decision to convert the stadium into an athletics-only venue, we wanted a world class, vibrant and multi-purpose arena. After our joint bid with West Ham United to convert the stadium was rejected by the former Mayor of London Boris Johnson, in 2011 the council unanimously agreed to invest.

Without this investment it would have been left barren like many Olympic venues. Queen Elizabeth Olympic Park has attracted millions of visitors, a new school and health centre and Westfield has employed 4,610 residents through Workplace. It enabled West Ham United to move grounds and the old Boleyn site is now being redeveloped, including 211 affordable homes owned by Newham Council.

The council hoped for a financial return from the stadium but this will now not happen. Contracts negotiated by the previous Mayor Boris Johnson mean the stadium’s finances are not currently sustainable.

As a result, Newham Council and the Mayor of London, Sadiq Khan, have agreed that the Greater London Authority will take full ownership of the stadium, while Newham Council retains its community benefits for the next 100 years. Gains from Newham’s investment far exceed the amount invested. Regeneration and financial benefits to Newham over the next 25 years are estimated in excess of £70 million.

1 comment

  • You can't paint over wasting £52 million pounds on a studium which should be backed with private money. You radded council tax money with out asking and now we won't get a penny back. You go round saying got to cut services becouse lbn have no money well clearly thats a lie. You wasted £3 million on plesure garden's in Silvertown you use a glossy mag to self promote your self and that cost us 1 million a year. It was not your redponsablity to use lbn money on a vanity project.

    Report this comment

    Daniel Jaffa

    Tuesday, December 12, 2017

The views expressed in the above comments do not necessarily reflect the views of this site

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