Newham Mayor Robin Wales must resign for wasting £52m on the London Stadium
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Robin Wales, the Mayor of Newham and leader of Newham Council, has admitted that the £52 million loan he authorised to be invested in the London Stadium will never be repaid. He should resign now.
That's £52 million that could have been spent on Newham residents who live in one of the most deprived areas of the UK. Robin Wales's lack of judgment and risk-taking with public money means that he should resign - so please sign our petition so that the voice of Newham residents is heard loud and clear by the Mayor of Newham and Newham Councillors as well.
Under Sir Robin Wales's leadership, Newham council originally invested £40m into the stadium business (via a loan to a Newham Council owned company called Newham Legacy Investments Ltd which was then given to a joint venture with the LLDC called the E20 Stadium LLP), with a further £12.2m in working capital between February 2015 and June this year.
Sir Robin Wales now accepts this money will never be repaid. His admission follows the publication of an independent review today (1st December 2017) which was commissioned by London Mayor Sadiq Khan, which revealed a catalogue of errors that saw more than £133 million more paid out to turn the former Olympic Stadium into a Premier League football ground which will never be recovered. The London Mayor has since announced that he is taking control of the stadium with Newham Council withdrawing from the partnership meaning Newham Council's investment is gone.
Back in 2011, Sir Robin Wales made the case for an initial £40 million of money to be invested in the Stadium, and in 2013 he boasted about the 'inspirational deal' with West Ham Football Club. Now he simply says 'It is regrettable that the finances of the stadium have not followed the expected course'.
He's blaming the former Mayor of London Boris Johnson about what's gone wrong, but as the leader of Newham Council he was involved in all the negotiations and should have had his eye on the ball. That's why he should resign now.
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