According to Sky Sports, an accountancy firm has been named to investigate the rising cost of London Stadium conversion. Results should be revealed to the Greater London Assembly by June.
Sky Sports News HQ revealed that accountancy firm Moore Stephens has been appointed to investigate the rising costs of the transformation of the London Stadium into the home venue for West Ham. The appointment follows mayor Sadiq Khan’s decision to look into details of the transformation.
London Stadium is controversial for its growing cost. Post-Olympic transformation was first expected to cost £154 million ($187m), but soon began rising to eventually reach £323 million ($393m) last year, reaching over twice the initial estimate.
And still, despite all the expense, West Ham supporters cannot enjoy the promised system of retractable lower seating. For now this part of the stadium is equipped with temporary scaffolding, which takes large amounts of time and funds to convert from football to athletics and back (up to £8 million per annum).
Moore Stephens should reveal where the biggest cost increase come from, though partial explanation has already been given by London Legacy Development Corporation CEO David Goldstone.
We should know this summer whether Moore Stephens confirms Goldstone’s explanation. By June 2017 the company should present draft findings to the Greater London Assembly. Public report will be available not long afterwards.