Legacy body forges joint venture with Newham council to see investment in £428m stadium
The London Legacy Development Corporation has signed a deal with Newham Council to take on the management and transformation of the £428m Olympic stadium after this summer’s games through a joint venture.
The joint venture firm set up, called E20 Stadium LLP, has been granted a 99-year lease by the Legacy Corporation and will see £40m of investment by Newham Council.
The move is separate to the continued hunt for a long-term tenant for the stadium, for which bids are due by the end of this week. This process was re-run in May for the second time after the Legacy Corporation relaxed the rules for potential bidders.
The joint venture is technically an agreement between the Legacy Corporation and Newham Legacy Investments Ltd, a wholly owned subsidiary of Newham council. The Legacy Corporation said the deal meant that in addition to significant community and regeneration benefits from the stadium, Newham Council will share in the financial returns made.
The council’s chief executive Kim Bromley-Derry signed the deal under delegated powers from Newham’s councillors, who were informed of the agreement at their cabinet meeting on Thursday 5 July.
Sir Robin Wales, Mayor of Newham, described the deal as a “major milestone” in securing the future legacy of the Olympic Stadium for the community.
He said: “Our vision for the 2012 Games has always been to create significant community benefits including job creation, increased sports participation and the establishment of a world class visitor attraction. We have again stepped up to the mark to secure such a legacy for our residents.”