The London Legacy Development Corporation (LLDC) today (Friday) confirmed that the total cost of building and renovating the 2012 Olympic Stadium in London has surpassed £700m (€981m/$1.11bn).
The final confirmed £272m cost of the transformation ahead of West Ham United moving in as tenant next year is significantly higher than the £154m originally slated when the deal with the English Premier League football club was agreed.
West Ham will make a £15m contribution on top of the £2.5m they will pay annually for a 99-year lease. Following the latest announcement, the total cost of the stadium, including construction work before the 2012 Games and post-Olympics renovation work, will be £701m.
The 54,000-seat stadium will host the Anniversary Games athletics event next month and Rugby World Cup matches in September. British Athletics will be entitled to 20 days of use at the venue per year. Last year the LLDC admitted that the cost had risen to £193.9m due to difficulties experienced with the cantilevered roof.
“We have invested in transforming a temporary athletics venue into a permanent world-class multi-use arena that has a secure and long-term sustainable future,” said LLDC chief executive David Goldstone, according to the Guardian newspaper. “This has required a significant amount of work and innovative engineering solutions.”
He added: “Alongside the transformation work the deals signed with British Athletics and West Ham United and the appointment of a stadium operator ensures the stadium will pay its way and not require any continuing subsidy from the taxpayer.”