In­ves­ti­ga­tion or­dered into ris­ing costs of Olympic Sta­dium

Malta Independent - - SPORT -

The mayor of Lon­don has or­dered an in­ves­ti­ga­tion into the ris­ing costs of con­vert­ing the Olympic Sta­dium into the home venue for Premier League club West Ham. The cen­ter­piece of the 2012 Lon­don Games has been trans­formed into a 60,000-seat multi-pur­pose venue at a cost of 323 mil­lion pounds (now $400 mil­lion), about 50 mil­lion pounds (now $60 mil­lion) more than ini­tially es­ti­mated. Bri­tish tax­pay­ers are set to foot the spi­ral­ing bill. Lon­don Mayor Sadiq Khan’s of­fice said “a de­tailed in­ves­ti­ga­tion into the full range of fi­nan­cial is­sues sur­round­ing the sta­dium” has been or­dered. West Ham has a 99year lease on the venue, which is now called Lon­don Sta­dium, and pays an an­nual rent of 2.5 mil­lion pounds that cov­ers nearly all their costs. The club also con­trib­uted 15 mil­lion pounds to­ward the con­ver­sion costs, with tax­pay­ers pay­ing the rest.

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