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.”

Sign up for our news alerts today!

Our editors' picks for the day's top news delivered to your inbox or phone.

Sign up for email alerts Sign up for mobile alerts
1
2 3 4 5 6
7

Latest business news

Wednesday, April 15, 2015

Yesterday we issued a police appeal to help find Simon Smithers, who had gone missing from Hillingdon Hospital with a serious head injury.

Thursday, April 9, 2015
London's top companies are struggling to find staff, a ComRes poll has show [Photo by Dan Kitwood/Getty Images]

Over half of the London businesses which tried to recruit new staff struggled to find suitable candidates, a poll has shown.

Friday, March 27, 2015
Kboard

Thought phone buttons were hard work? Now people who can’t be bothered to use a touchscreen either can streamline their conversations with a new app.

Sunday, March 22, 2015
Fabric club in Charterhouse Street

Police issue warning about bad batch of MDMA at Farringdon club threatened with closure last year.

Thursday, March 19, 2015
Tunnelling breakthrough at Liverpool Street 'station box'

Tunnelling work in London’s long-awaited Crossrail ‘super tube’ construction is now more than nine-tenths complete.

Monday, March 16, 2015
Fire damage at what is thought to be Loungelover in Shoreditch - London Fire Brigade

Candles left lit inside a doll’s house have been blamed for a fire that caused damage to the ground floor and roof of a Shoreditch nightclub on Friday morning.

London Bloggers

Mon, 15:28
Vintage fashion shopping is a joy in London (Photo by Graham French/BIPs/Getty Images)

In with the old, out with the new. This is the mantra of the best London vintage shoppers today, whose aesthetic of effortless chic is becoming more sought after.

Wednesday, April 8, 2015
Eating the right foods can significantly improve your mood

Think sweet treats make you feel better? ‘Comfort foods’ could be adding to your misery.