Stadium public funding scandals are rarer in Europe than in North America, but there are a handful, and the tale of London’s Olympic Stadium is an especially scandalous one. The story so far: The government spent £429 million (or maybe £701 million) to build the stadium for the 2012 Olympics, then London Mayor Boris Johnson promised to spend £190 million to convert it to use for soccer by West Ham United, but it ended up costing £323 million. And now current London Mayor Sadiq Khan has taken over management of the stadium, in an attempt to rein in not just the soaring capital costs but also the deal that Johnson signed that forces taxpayers to fund everything from security to goalposts and corner flags. Of which deal West Ham’s owners say, sorry, no backsies:
“The concession agreement is a watertight, legally binding contract signed in 2013 in good faith by West Ham United, who remain absolutely committed to its terms for the entire 99-year duration.”
Let’s see, what could make this even worse? How about that everyone involved seems to hate the Olympic Stadium as a home for soccer? Or maybe that if things continue to stand as they do currently in the English Premier League, West Ham will get relegated to the second division next year, meaning London will effectively be paying through the nose to provide a 60,000-seat stadium for a minor-league team? I sure hope London taxpayers are big fans of corner flags.