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Olympic venues threaten LVRPA's finances

The Lea Valley Regional Park Authority have discovered that being gifted a bunch of fancy Olympic venues may not be quite a such a great deal after all.

Extravagent facilities come with equally expensive rates liabilities - now, confronted with a potential £3.5m annual rates bill for the Velodrome/Eton Manor and White Water Centre, they are desperately seeking ways of avoiding having to pay up.

Appeals to the Valuation Office and transferring the properties into a special purpose trust have been mooted.

To illustrate the scale of the liabilities, it's a third of the LVRPA's total funding income of £11.5m, from the levy on local councils across London.

On top, the net operating losses of the venues are, possibly very optimistically, expected to be £715k a year, soaking up another 6% of the levy income.