London's Olympic stadium could cost taxpayers £20m a year

London's Olympic stadium will cost taxpayers £20m a year unless a rescue package is agreed, according to City Hall.

Mayor Sadiq Khan blames his predecessor Boris Johnson for a botched deal with West Ham and dodgy estimates of the conversion cost.

Part owner Newham Council has bailed out of the partnership after losing £52m.

The fiasco casts a shadow over the ‘no white elephants’ promise before the 2012 Olympicames.

I am determined to put the London Stadium towards a stronger financial footing and secure its long-term future, but I’m under no illusion that this is going to take time and some real commitment from all partners to make this work.

– Sadiq Khan, Mayor of London

On behalf of Newham residents, I am angry that the deals and decisions made by the former Mayor of London and his administration have left the stadium finances in such a dreadful mess.

It is regrettable that the finances of the stadium have not followed the expected course. It was vital for Newham however that the stadium remained a public asset in public ownership, to maximise its regeneration, community and other financial benefits.

– Sir Robin Wales, Mayor of Newham