How the Olympic Stadium story unfolded
July 2009 The former prime minister Tony Blair and his Olympics minister Tessa Jowell are forced to defend claims that the stadium , in Stratford would not have a strong legacy after a London Assembly Committee claims the construction is in danger of becoming a "white elephant" because a long-term tenant to help maintain it has not been found. November 2009 The chairman of Wembley Stadium, David Bernstein, predicts the venue – which is expected to be shrunk from an 80,000-seat to a 28,000-seat stadium after the Games – is unlikely ever to rival Wembley which has long-term contracts with the Football Association and the Rugby Football League. The Olympic Stadium's future post-2012 is still unclear, beyond a promise that it will have an athletics track and will be available for community use. March 2010 West Ham United and Newham council announce they are working on a joint bid to take over the stadium after the Games. The partnership would involve staging football and athletics at the venue as well as opening it for cultural and educational use. Rumours are rife that rugby and Twenty20 cricket could also be interested in using the venue. The Olympic legacy chair, Baroness Ford, says wrangles over its tenancy after the Games must finish by the end of this year. She tells MPs that a public consultation process will be used to help decide on the successful applicant while insisting that the bid pledge of having a Grand Prix athletics track must be met. UK Athletics's head coach Charles van Commenee says it would be "a joke" if the premises are not left as a world-class track and field venue after 2012. September 2010 Len Duvall, chairman of the London Assembly's Economic Development, Culture, Sport and Tourism Committee, claims London 2012's key pledge to shrink the stadium into a 28,000-seater athletics arena is "flawed" and has already hampered attempts to try to secure the venue's long-term use. October 2010 Tottenham Hotspur make a surprise last-minute joint bid with the sport and entertainment giant AEG to be an anchor tenant but its plans will not include an athletics track. Later that month, UK Athletics announces its formal support for West Ham's bid to move to the stadium. November 2010 Tottenham and West Ham are shortlisted by the Olympic Park Legacy Company as the two final bidders in line to take over the Olympic Stadium. February 2011 West Ham win their bid to move into the Olympic Stadium after the 2012 Games. The unanimous decision was made after a vote by 14 members of the OPLC board at a special meeting where the future of the venue in Stratford, east London, was the only topic. March 2011 Lawyers for Tottenham send letters to key organisations involved in the decision raising a "number of concerns" over the selection process. April 2011 Tottenham take the first step in their legal battle to challenge the decision to hand the Olympic Stadium to West Ham. In a statement, Tottenham said: "The club has today sought permission from the high court to bring a claim against the London borough of Newham for a judicial review of Newham's process in providing a loan for the conversion of the Olympic Stadium after the 2012 Games." The League One football club Leyton Orient, from east London, also launch a high court challenge against Newham council for arranging a £40m loan to finance West Ham's move to the stadium after the 2012 Games. June 2011 The bids by Tottenham and Leyton Orient for a judicial review to block West Ham's move to the Olympic Stadium are rejected by a high court judge . July 2011 Dionne Knight, an OPLC employee, is suspended from her job after it was discovered she was working as a consultant for West Ham United during the Olympic Stadium bid. West Ham take legal action against Tottenham and the Sunday Times over allegations surrounding the validity of the Olympic Stadium bidding process. The OPLC announces two independent investigations into the controversy surrounding Ms Knight's suspension. August 2011 The auditors Moore Stephens complete a report on whether the OPLC's procedures surrounding the stadium bid could have been compromised. It finds they were not compromised. A high court judge overturns earlier ruling, finding that there are sufficient doubts over the legitimacy of Newham's £40m loan to West Ham to justify a full judicial review. A new court date is set for 18 October, plunging the process into fresh uncertainty. October 2011 It is revealed that the Olympic Stadium deal with West Ham and Newham council has collapsed . Two weeks later, the government announces the £95m cost of converting the stadium into a football ground after the Games will be met entirely from the public purse. West Ham are still likely to play in the stadium as tenants December 2011 Organisers confirm Dow Chemical, which has a contentious deal to sponsor the fabric wrap that will surround the stadium, will not have any branding on it either before or during the Games. Campaigners claim Dow still has ongoing liabilities relating to the 1984 Bhopal disaster that killed an estimated 15,000 people January 2012 A fourth person is arrested by police investigating allegations that Spurs spied on Olympic officials during their failed bid to take over the stadium. There are also allegations Karren Brady's phone records were unlawfully obtained by a Spurs adviser. West Ham are said to be considering their options amid bitter frustration with the process surrounding the tender for the £468m publicly owned asset .
Market Reactions
Price reaction data not yet calculated.
Available after full seed + reaction pipeline runs.
Similar Historical Events(1 found)
MarketReplay Insight
1 similar event found. Price reaction data will appear here after the reaction pipeline runs.