Newham Council invests £40 million in Olympic Stadium legacy

17:40 29 March 2012

The Olympic Stadium...Newham Council are aiming to invest to secure the legacy of the stadium

The Olympic Stadium...Newham Council are aiming to invest to secure the legacy of the stadium

Archant

Newham Council have agreed to invest £40 million to secure the legacy of the Olympic Stadium.

Members agreed to confirm a decision they made last November and invest the money in the adaptation of the Olympic Stadium in Stratford...subject to agreement of conditions including “appropriate financial and legacy benefits.”

It follows what the authority calla “constructive discussions” with the Olympic Park Legacy Company (OPLC) as a result of the Council’s previous decision in November last year.

The Council further agreed to establish Newham Legacy Investments Limited, a company wholly owned by the London Borough of Newham. It is proposed that Newham Legacy Investments Limited enters into a Limited Liability Partnership with the OPLC to manage the legacy of the Olympic Stadium and island site.

An updated proposal relating to the stadium partnership, the conversion works and the basis for an investment was agreed at the meeting of the full council.

The Council is playing no part in the OPLC’s current process of selecting stadium concession holders.

Mr Kim Bromley-Derry, Chief Executive of Newham Council, said: “We continue to make good progress in securing the legacy of the Olympic Stadium and are working positively with the Olympic Park Legacy Company.

“Our vision for the Olympic Stadium remains to create significant community benefits including job creation, increased sports participation and the establishment of a world class visitor attraction.

“We are determined to help deliver the promises set out in the original Olympic bid book to transform the lives of those living in London’s East End, especially for the residents of Newham.”

Latest Stories from SNAP.PA

Hollyoaks has launched a new game fans can download to their phones and tablets.

Read more

A fatal cocktail of blistering heatwaves and an ageing population could be a real killer by 2100.

Read more

Promoted content

Gamucci is a global leader and premier brand of electronic cigarettes

Gamucci has an electronic cigarette tailored for every need. We have a range of both disposable and rechargeable electronic cigarettes suitable for all adult smokers. And for a limited time, some great discounts.

Money saving Christmas gifts to add to your shopping list!

It’s nearly time to go on the hunt for Christmas presents, stuck on what to get for your nearest and dearest? We’ve picked out a selection of great deals to get you started and to help you save some pennies!

Up to 3,000 people took to the streets of London in vigils for Mike Brown which turned into a protest march down Oxford Street.

The NHS have introduced a new pill for those who struggle to screw the lid back on that bottle of wine.

Today the doctor has received an eight-year sentence for a string of offences.

TOP Stories

Yesterday, 16:53
Mohommod and Hamza Nawaz

Two brothers from Stratford have today become the first people in the country to be jailed for terrorist offences after returning from Syria.

Yesterday, 14:47
The incident happened in Hercules Road, Lambeth (Pic: Google Street View)

The police watchdog is investigating how a man fell to his death in Hercules Road, North Lambeth, after officers forced themselves into a property to arrest him.

Yesterday, 14:14

Two London Ambulance Service medics had to be taken to hospital themselves this morning after they were assaulted by a patient.

London Bloggers

Friday, November 14, 2014
Bird says back up your data

What happened after a friend of mine lost basically everything he’d created in the last 5 years:

Thursday, October 30, 2014
The Appilepsy team: Phil Efstathiou, Alex Telek , Clarence Ji, Miklos Molnar, Joran van Apeldoorn

In Tech City, things move fast. And sometimes erratically. Like phones in the pockets of people having epileptic seizures.

Friday, October 24, 2014
The 91-year-old gave the cyclist a wallop

After Baroness Sharples bragged about walloping a cyclist, London24’s cycling blogger AViewOfLondon has this to say...