The deal will "provide assurance" to London Stadium suppliers "that they will be paid."GETTY IMAGES
A £10M ($13.3M) guarantee was "made available to ensure suppliers to the loss-making London Stadium get paid," according to the BBC. Under the deal, which was approved by London Mayor Sadiq Khan, the London Legacy Development Corp. will underwrite planned upgrades. City Hall said that the deal was needed to "provide assurance" to suppliers of services such as stewarding and cleaning "that they will be paid." No "extra funding" was made available by the deal. An independent review said that E20, the public sector company set up to run the London Stadium, is projected to make a loss of £20M ($26.5M) this year and a total loss of £140M ($185.8M) over its first 10 years. Premier League side West Ham Owner David Sullivan will "step in to try and speed up discussions aimed at increasing the club's contribution" of £1.5M ($2M) a year in exchange for "greater involvement in the running of the stadium." A spokesperson for Khan said, "The Mayor has taken over control of the London Stadium to put it on a more secure financial footing" (BBC, 6/22).
