Newham Council confirms ‘prudent’ �40 million Olympic Stadium investment
Newham Council is to invest up to �40 million in Stratford’s Olympic Stadium, it was confirmed today.
The authority, through subsidiary company Newham Legacy Investments Ltd, has signed an agreement with the London Legacy Development Corporation.
They have set up E20 Stadium LLP to manage the stadium after the Games.
The agreement does not affect current bids made by several parties, including West Ham United FC, to take over the 99-year leasehold of the stadium.
Newham Council will have no say in who will use it post-Games.
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Chief executive Kim Bromley-Derry said the agreement was “prudent”.
It ensures that residents will benefit from our investment,” he said.
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“The deal included guarantees that residents will be able to access events held at our stadium, play sport be educated and get opportunities for employment at the stadium.
“It is because our involvement is going to benefit local residents in the long-term that we are involved.”
The council’s previous �40 million joint bid with West Ham United FC for the stadium collapsed last year after a complaint was made to the European Commission.
The club has bid again this time around, along with Essex County Cricket Club.
Daniel Moylan, chairman of the LLDC, added: “This stadium partnership with Newham Council will help to create a combination of local opportunities in employment, education and sport.”
Newham Mayor Sir Robin Wales, said: “We are determined to help deliver the promises set out in the original Olympic bid book to transform the lives of those living in London’s East End.
“The Olympic Stadium deserves a fitting legacy that is good for Newham, London, and the nation.”