London Olympic Stadium Conversion Costs Increase
By Community | October 22, 2014
The the cost of converting the Olympic Stadium is racking up after London Legacy Development Corporation (LLDC) revealed they have agreed to pay a further £35.9m.
Balfour Beatty signed a £154m contract in January this year to turn the arena into a multi-sports venue which will be home to West Ham from 2016.
But the LLDC says the soaring costs of installing the world’s “largest single-span cantilever roof” mean the value of the contract has been increased to £189.9m.
A statement from the LLDC said the extra money would come from “the project contingencies and additional income we will generate from our other developments.”
That means taxpayers’ money already accounted for will be used, but the LLDC says it anticipates “no additional call on the taxpayer and no impact on our current programme”.
The costs of the stadium, including those for its conversion, now top £600m and the LLDC says work will be completed in time for five scheduled Rugby World Cup matches in 2015.