Mayor of London inviting bidders for London Stadium cost investigation
PUBLISHED: 17:00 20 January 2017
The Mayor of London, Sadiq Khan, is inviting independent companies to bid for the right to investigate how conversion costs at the London Stadium were allowed to spiral by £51million since 2015.
He ordered the investigation in November when it was revealed that the bill to taxpayers for converting the stadium, which hosted the London 2012 Olympic and Paralympic Games, into a multi-purpose venue had climbed to £323m.
Last month, the London Legacy Development Corporation (LLDC) admitted that problems with the venue’s retractable seating were the biggest cause of the rise in costs.
West Ham, who have a 99-year lease on the 60,000-seat stadium, made a one-off contribution of £15m to the conversion costs and pay £2.5m a year in rent.
The total price tag for the stadium, which also has a new roof, is estimated to be £752m
Mr Khan said: “There are some huge questions that need to be answered about the financing of the London Stadium. We need to find out how on earth the transformation costs were allowed to skyrocket, and whether appropriate checks were made before key decisions were made.
“But just as important in this process will be looking to the future to ensure we get the stadium into a situation where we are able to reduce its cost to the taxpayer and it can operate as a successful multi-purpose stadium that our city can be proud of.”
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