London Stadium owner E20 Stadium LLP have revealed massive losses in financial accounts up to the end of March 2022 published this week.
The E20 group have revealed revenue of £8m of which £3.7m came from West Ham United in fees.
They also reveal they paid £1.8m in compensation to UK Athletics to move their event to another venue last summer.
While operating losses for the group are revealed at £13.7m , the real losses are revealed to be £61.9m last year taking into account financial borrowing and depreciation.
The Stadium owners owe £80.8m in borrowing to the LLDC and have provisions for financial liabilities of £225.7m
The financial accounts, which can be read in full at https://www.queenelizabetholympicpark.co.uk/-/media/e20-stadium-financial-statements-2021-22.pdf paint an awful situation and lay the financial mismanagement of the London Stadium bare, for all to see.
The LLDC is due to be wound up in 2025 and it remains to be seen who will inherit the ownership of the E20 Stadium LLP and its toxic financial liabilities.