Easy come, easy go

29 Nov

A report in today’s Guardian says Newham council are “willing to increase their loan from £40 million to £70 million” as part of a funding package to convert the Olympic stadium to dual football and athletics use, thereby all-but-guaranteeing that West Ham United will move in as prime tenants.

Yes, that’s right. £70 million. Seven zero. Million.

When council considered the matter in March they agreed that they would “provide a loan of up to £40m” (my emphasis added). 

Was this “willingness” to agree to a significant increase in the loan – 75% more than the agreed maximum – discussed with any councillors beyond the mayor’s small ‘magic circle’ of sycophants and yes-men?

How do ordinary councillors feel about risking £70 million on an investment with no obvious business case – and few real benefits to ordinary Newham people – when the authority has just lost the £4 million it loaned to London Pleasure Gardens?

How do they propose to justify to their constituents spending £70 million on kitting out a new stadium for a Premier League football club owned by multi-millionaires when vital frontline public services are being cut?

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2 Responses to “Easy come, easy go”

  1. RTG November 30, 2012 at 22:39 #

    I HAVE SENT ALL THIS TO THE EUROPEAN UNION COMMISSION WHO ARE LOOKING INTO STATE AID FOR FOOTBALLTEAMS. I HAVE ALSO TOLD THEM ABOUT THE MAYOR’S "GIFTS " FROM WEST HAM, SO LET’S HOPE THEY ASK SOME QUESTIONS.

  2. Anon December 22, 2012 at 20:51 #

    ??200 for every man, woman & child in Newham to enable a football club who pay employees in excess of ??50 million per week to move into a publicly owned stadium.Why aren’t the residents of Newham up in arms about this???30 million of the money hasn’t even been passed by the council so how can it be offerred as part of the deal?

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