Olympic Stadium: Final bill raises questions over West Ham deal

[Geez]

Converting it into the new home of West Ham will now cost £272m, meaning the overall spend will reach £702m for the 54,000-seater arena - a lot more expensive per spectator than the £798m 90,000-capacity Wembley.

Read the full article at BBC Sport

 

[Led's Zeppelin]

Thread on this subject with the same BBC link already exists here:

http://www.spurscommunity.co.uk/index.php?threads/olympic-stadium-fiasco.119834/#post-4639423

 

[slartibartfast]

This whole thing is an absolute disgrace.
Public money to pay for WHAM to get a new ground?
Heard they've contributed 17m. Whoopee doo.
Who have those fkers got in power pulling the strings for them, Darth Sidious?

 

[Geez]

Thread on this subject with the same BBC link already exists here:

http://www.spurscommunity.co.uk/index.php?threads/olympic-stadium-fiasco.119834/#post-4639423

And this is the NEWS Forum which is the only one non-members can see

 

[Hoops]

Badly thought out process. Should have thought of a use for the stadium. Don't understand how a stadium so cheap looking could be so expensive.

We will get to laugh at West Ham fans when they realise what a soul less cesspit it is and they need bonoculars to see anything.

At least Tessa Sanderson is happy, thats the main thing.

 

[PT]

This whole thing is an absolute disgrace.
Public money to pay for WHAM to get a new ground?
Heard they've contributed 17m. Whoopee doo.
Who have those fkers got in power pulling the strings for them, Darth Sidious?

That club is only renting the use of the stadium, alongside other potential usrs, yet to be confirmed.
The annual rent is for a period of around 90 years I think.
There's plenty of caveats installed in to the tenancy too, meaning the users will have to respect the stadiums original intent for use.

 

[Hoops]

That club is only renting the use of the stadium, alongside other potential usrs, yet to be confirmed.
The annual rent is for a period of around 90 years I think.
There's plenty of caveats installed in to the tenancy too, meaning the users will have to respect the stadiums original intent for use.

It will hurt them in the long run. Its not their stadium, so when it becomes outdated they won't be able to do anything.

 

[TottenhamMattSpur]

And they called us underhand for spying.
They've stolen 700 million quid from the tax payer.

 

[bigspurs]

And they called us underhand for spying.
They've stolen 700 million quid from the tax payer.

If there's really a God, they should get relegated to the Championship and go into administration!

But seriously, it really is a disgraceful use of over £700m of tax payers money, especially in a time of 'austerity'. The A-holes could have built a load of schools and hospitals for that.

 

[TottenhamMattSpur]

If there's really a God, they should get relegated to the Championship and go into administration!

But seriously, it really is a disgraceful use of over £700m of tax payers money, especially in a time of 'austerity'. The A-holes could have built a load of schools and hospitals for that.

Relegating them 1 division wouldn't be anywhere near appropriate.
They should be given an ultimatum:
Pay for it in full or vacate.

 

[slartibartfast]

This could really blow up in their faces and they could end up doing a Coventry.
Don't think that will happen though while they have a Dark Lord of the Sith behind them.
They'll probably win the Euro lottery if they get in financial trouble.

 

[Maske2g]

If there's really a God, they should get relegated to the Championship and go into administration!

But seriously, it really is a disgraceful use of over £700m of tax payers money, especially in a time of 'austerity'. The A-holes could have built a load of schools and hospitals for that.

Yeah its disgracful that the gov spent money on an olympic games that yielded the economy TEN BILLION creating thousands of jobs in the process


West Hams inflation linked rent will pay the 200 mil over the lease. The gov can still host events there, and the local area will benefit.


Do you know why we need austerity?? Because our country is educated by click hungry, 12 grand a year journalists.

 

[Locotoro]

That club is only renting the use of the stadium, alongside other potential usrs, yet to be confirmed.
The annual rent is for a period of around 90 years I think.
There's plenty of caveats installed in to the tenancy too, meaning the users will have to respect the stadiums original intent for use.

Knowing Gold and Sullivan, they'll probably try and invoke squatters rights in 12 years time

 

[Locotoro]

Yeah its disgracful that the gov spent money on an olympic games that yielded the economy TEN BILLION creating thousands of jobs in the process

West Hams inflation linked rent will pay the 200 mil over the lease. The gov can still host events there, and the local area will benefit.

Do you know why we need austerity?? Because our country is educated by click hungry, 12 grand a year journalists.

With respect, I disagree.

The Olympics and construction of the O Village created jobs and revenue. The transfer of the stadium to WHAM did not. If WHam did not get the occupancy rights it would have gone to another commercial entity who would have paid the lease and generated as many jobs and revenue as WHam will.

I'm annoyed that the O Stadium will not be the standalone athletics stadium that they they said it would be when they made presented the bid. It was supposed to be a "Track and Field Legacy" for London and Great Britain.

Now we see that the extortionate amounts the government spent on a huge public work has not been spent for the reason we were initially told it would be for.

 

[Maske2g]

With respect, I disagree.

The Olympics and construction of the O Village created jobs and revenue. The transfer of the stadium to WHAM did not. If WHam did not get the occupancy rights it would have gone to another commercial entity who would have paid the lease and generated as many jobs and revenue as WHam will.

I'm annoyed that the O Stadium will not be the standalone athletics stadium that they they said it would be when they made presented the bid. It was supposed to be a "Track and Field Legacy" for London and Great Britain.

Now we see that the extortionate amounts the government spent on a huge public work has not been spent for the reason we were initially told it would be for.

If this stadium was not taken up by West Ham , or Spurs, it would have been a white elephant like almost every other Olympic Stadium in history. What would they have used it for that would have generated 2-3 million a week, and hundreds of regular jobs? not to mention the other businesses in the area benefitting from it.

If used for athletics, it would have created nothing. Nobody cares about athletics other than once every 4 years. So they lied to get the games. Who cares.

They haven't "spent" anything. They made the country a bloody fortune, and also given the memory of one of the greatest summers in London in our lifetimes.

There are now thousands of homes (also good for the economy), businesses and regeneration on a plot of land that was formally a cess pit.

Football there every fortnight is 100% the best way to keep the Olympic park alive.

 

[Locotoro]

If this stadium was not taken up by West Ham , or Spurs, it would have been a white elephant like almost every other Olympic Stadium in history. What would they have used it for that would have generated 2-3 million a week, and hundreds of regular jobs? not to mention the other businesses in the area benefitting from it.

If used for athletics, it would have created nothing. Nobody cares about athletics other than once every 4 years. So they lied to get the games. Who cares.

They haven't "spent" anything. They made the country a bloody fortune, and also given the memory of one of the greatest summers in London in our lifetimes.

There are now thousands of homes (also good for the economy), businesses and regeneration on a plot of land that was formally a cess pit.

Football there every fortnight is 100% the best way to keep the Olympic park alive.

Yes, I agree that benefits of new homes and the memories you mention are/were valuable however we're talking about WHam getting the stadium over an Entertainment Management company like AEG. There were quite easily enough interested parties who approached AEG over using the facilities for things such as Music events/concerts and sporting events such as NFL, NBA, Rugby, Athletics meets, even the once a year proposed F1 use and Essex County Cricket.

Whilst football spectators will generate £2/3 million every fortnight, the vast majority of that money will go to WHam not to the taxpayer, otherwise there is no benefit for them to move into the stadium.

Additionally, I do care that the government have lied, its supposed to be a fundamental principle of government that they do what they say they are going to do otherwise you're not holding them to account should they decide to rip up the manifestos and do as they please. What would be the point in a government?

 

[Maske2g]

Yes, I agree that benefits of new homes and the memories you mention are/were valuable however we're talking about WHam getting the stadium over an Entertainment Management company like AEG. There were quite easily enough interested parties who approached AEG over using the facilities for things such as Music events/concerts and sporting events such as NFL, NBA, Rugby, Athletics meets, even the once a year proposed F1 use and Essex County Cricket.

Whilst football spectators will generate £2/3 million every fortnight, the vast majority of that money will go to WHam not to the taxpayer, otherwise there is no benefit for them to move into the stadium.

Additionally, I do care that the government have lied, its supposed to be a fundamental principle of government that they do what they say they are going to do otherwise you're not holding them to account should they decide to rip up the manifestos and do as they please. What would be the point in a government?

Who gets the money for an AEG concert? AEG and the artist. They pay rent. 2.5 million a year for 99 years? Definitely not. Essex Cricket? are you mad? About 100 fans.

Basketball in that stadium? Be like watching Ants peashooting!! NFL once a year attraction at best. And for all these events you are forgetting, they all have homes already. Wembley, the parks, the arenas, there is big competition. Football is no risk, guaranteed, LONG TERM income.

As for the bit about government lies....come on. Are you living in oz? (The fantasy land, not down under)

 

[TottenhamMattSpur]

They haven't "spent" anything. They made the country a bloody fortune, and also given the memory of one of the greatest summers in London in our lifetimes.

.

Is that quantifiable or is it another royal family type statistic?

 

[Maske2g]

Is that quantifiable or is it another royal family type statistic?

GDP was 1 percent growth in the quarter, recovering from 3 quarters of detraction (i.e a recession), and 0.4% detracted in the preceding quarter.

A 1.4% swing in quarterly growth is an extreme amount by historical standards, particularly after a recession.

So....yes!!!

 

[TottenhamMattSpur]

GDP was 1 percent growth in the quarter, recovering from 3 quarters of detraction (i.e a recession), and 0.4% detracted in the preceding quarter.

A 1.4% swing in quarterly growth is an extreme amount by historical standards, particularly after a recession.

So....yes!!!

Ok.
So, considering the Olympics took place around about the height of the tourists season, how much higher at that point of the year was it than the preceding 10 years?
What's the estimated sterling income related directly to the Olympics and what was the final bill for hosting it including all of the build costs and subsequent conversions?