London loses second key legacy figure - Reuters UK
LONDON |
LONDON (Reuters) - A second senior figure in charge of regenerating London's Olympic Park once next month's Games are over is set to step down.
American Andrew Altman, chief executive of the London Legacy Development Corporation (LLDC), will leave on August 15, hot on the heels of former chairman Margaret Ford who left this month.
The softly-spoken Altman worked on transforming the seven billion pounds publicly funded park in a previously run-down part of east London.
Over the past three years Altman and Ford helped secure tenants for most of the Olympic venues on the 500-acre site including the aquatics centre and handball arena.
But they faced criticism when the deal to award the main stadium to West Ham United Football Club collapsed amid legal wrangling.
The LLDC, previously known as the Olympic Park Legacy Company, is also looking for a tenant for the media centre.
Dennis Hone, chief executive of the Olympic Delivery Authority which has been responsible for constructing the Games venues, will work as interim LLDC chief executive on a part-time basis.
"I am proud to have been able to set the table with a clear vision, resources and commercial investment," Altman said in a statement.
"It is now the perfect time to transition the project to one focused on construction so there will no disruption after the Games in implementing the legacy vision we have crafted."
The Park, which will be known as the Queen Elizabeth Olympic Park once the Games are over, will have five new neighbourhoods including 7,000 homes.
(Reporting by Avril Ormsby; editing by Tony Jimenez)
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Altman’s departure comes as the LLDC’s focus shifts to construction post-Games and he will be replaced by Dennis Hone, his counterpart at the Olympic Delivery Authority. Hone will do both jobs until a full-time successor to Altman is found, a role that Hone will be favourite to fill.
The LLDC has consistently struggled with the fundamental flaw of the stadium – the retention of the track makes it unattractive to football clubs – but the problem is clear from the calibre of the bidders in the last tender process, all four of whom can be revealed for the first time.
As well as West Ham, the only serious player, the LLDC has received a bid from the University of East London, which included some interest from Essex County Cricket Club.
Telegraph Sport understands that there were also bids from the University College of Football Business, an arm of the Bucks New University, as well as a company claiming to be bidding on behalf of Bernie Ecclestone’s Formula One.
The bid was lodged by an east London company called Intelligent Transport Services Ltd. Ecclestone did not respond to queries as to the nature of the bid, but it is not thought to be being taken seriously by the LLDC.
The first tender process, in which West Ham were selected as preferred bidder over Tottenham, was derailed by legal challenges from Spurs, and the second foundered on a challenge from Leyton Orient chairman Barry Hearn.
The tender process was launched for the third time last month, with the deadline for bidders July 12. West Ham remain favourites to occupy the stadium. They have huge leverage and the LLDC’s position is weak.
Rather than do a bad deal with West Ham, Moylan may consider proceeding without a football tenant, relying on concerts and one-off events to cover the £10 million-plus costs of running the stadium.
Income from the stadium is crucial to paying for the upkeep of the entire park, however. There is also the problem of finding a use for the vast broadcast centre, which could be an even bigger headache than the stadium.
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Last updated: June 19, 2012 11:16 pm
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