London Stadium costing taxpayer £1MILLION A WEEK to maintain with West Ham’s rent so low it leaves huge shortfall
THE London Stadium cost the taxpayer more than £50million last year — according to the firm that runs the Olympic landmark.
E20 LLP, the company that controls the stadium’s running, lost £51.3m in 2024 — the equivalent of almost £1m-a-week.
Alarmingly, the ground’s owners predict future losses of £206.7m — also to be footed by the taxpayer.
Predicted losses have shot up by £21m since last year.
And the owners have warned the amount could increase again in the future.
The £206.7m losses relate to the costs of hosting West Ham and UK Athletics events over the remaining terms of the two agreements.
Tenants West Ham are the venue’s main users — but the Premier League club have no say in the daily running of the site.
West Ham’s rent is so low it does not even cover the cost of repairs or staging their matches throughout the season
The Hammers paid £4.4m rent last season — leaving a huge shortfall, as the stadium required £8.3m to be spent on repairs and fitting solar panels on the roof.
E20’s annual report revealed: “The agreements continue to present significant challenges for the long-term future financial performance of the stadium.
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“The cost of hosting West Ham and of moving relocatable seats between football and athletics modes are loss-making.”
E20’s report also said the Irons are taking further legal action over a £4m payment they were forced to pay to the stadium owners under the terms of their lease arrangement after Daniel Kretinsky bought club shares.
West Ham moved to London Stadium in 2016, four year after it hosted the Olympic Games, as their spiritual home the Boleyn Ground was knocked down and converted into flats.