Newham

Costs of former Olympic Stadium transformation confirmed

19 June 2015 in 2012 Games and legacy and Mayor
The London Legacy Development Corporation (LLDC) has today (19 June) confirmed the total contract costs for the transformation of the former Olympic Stadium as £272 million.
Once fully open, the Stadium will be the centrepiece of Queen Elizabeth Olympic Park and at the heart of the most successful Games legacy programme in history.

The costs reflect the huge scale of the works undertaken to transform the former Olympic venue from a temporary athletics stadium into a year round multi-use arena capable of delivering world class sporting and cultural events. Newham Council have contributed a £40 million loan investment towards the transformation.

Mayor of Newham Sir Robin Wales said: “Those lucky enough to have secured a place in the first event in the Stadium this Summer - the Morrisons Great Newham London Run on 19 July - will see a magnificent world class stadium in action once again.

“We are proud that we have been able to help make this transformation happen. Our agreement with the LLDC from the outset was to provide a fixed £40m loan investment. We have not contributed to any change in the transformation costs, and it is a repayable loan so we expect no long term cost to the council.

“In addition we have secured a series of benefits for Newham residents including free tickets, community athletics, community days in the Stadium and job targets. We are proud that what might have been a 25,000-seater stadium after the 2012 Games will be a fantastic multi-purpose stadium for athletics, football, rugby, motor sport and concerts amongst a whole range of activities.

“Our vision for the 2012 Games was always to ensure significant benefits for our community. The former Olympic Stadium will have a fitting legacy that is good for Newham residents, London and the nation."

The lasting legacy for the community includes:
  • Year-round access for school clubs to a new floodlit 400m London Marathon Charitable Trust Community Track, which will also be home to Newham and Essex Beagles 
  • Ten exclusive mass participation events in the Stadium per year for Newham residents including the Morrisons Great Newham London Run with more than 2,000 free places for Newham residents
  • Up to 100,000 free tickets every year for Newham residents to West Ham United matches 
  • A training and education centre in the Stadium
  • Up to 75 per cent of jobs created at the Stadium will go to Newham residents.