July 19 – Nearly £450,000 of taxpayers’ money has been spent trying to find a sponsor for West Ham United’s London Stadium, formerly the capital’s Olympic stadium, according to reports.
The stadium’s owner, the London Legacy Development Corporation (LLDC), has been accused of wasting cash in its search for a naming rights partner.
Two companies have been paid a total of £447,000 to try to find a naming rights partner, according to the BBC. But after two potential deals collapsed, no discussions are currently taking place.
The stadium, built for the London Olympics in 2012, has been dogged by controversy amid accusations that it was a government giveaway to the Premier League club.
Last year a report by accountants Moore Stephens found the £323 million cost of the conversion of the Olympic Stadium into a football venue would never be recovered. The report found that the stadium itself would continue to lose £10-20 million a year, with West Ham paying just £2.5 million a year on a 99-year lease, having made a contribution to the conversion of just £15 million.
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