Moore Stephens to investigate the London Stadium

After a competitive procurement process, Moore Stephens is delighted to announce its appointment as the forensic accountant to the Greater London Authority’s (GLA) review of the London Stadium.

Our specialist team, led by Merryck Lowe, Partner and Head of Moore Stephens’ Investigations Group, has been appointed to launch an investigation into the past decision making associated with the former Olympic Stadium, its financial sustainability and what lessons can be learnt from the process.

The Stadium was originally constructed for the 2012 Olympic and Paralympic games. In 2013, a 99-year tenancy was granted to West Ham United Football Club.

A joint venture, between London Legacy Development Corporation (LLDC) and the London Borough of Newham, was also set up in 2013 to transform the Stadium into a multi-use arena that would help bring large numbers of people and employers to the local area.

In 2014, the initial budget for the transformation of the Stadium was £115m. This rose to £272m in 2015. By the time West Ham United moved in 2016/17, the total costs had reached £323m.

In late 2016, the Mayor of London, Sadiq Khan, expressed concern over the rising costs and the GLA was asked to commission an investigation.

Merryck said: “We are delighted to have this opportunity to work for the Mayor’s office on behalf of all Londoners and to apply our independence, incisiveness and clarity of thought to these issues.”

For more information, please contact Merryck Lowe, or visit our sports group to find out how we could help you.
 

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