The buying, controlling and future selling of the Olympic Park land is a maze, a headache and hellishly difficult to understand. The best I can manage is a rough-and-ready primer.
One: In the beginning there was a twilight zone of junk, workshops, warehouses and factories. I used to drive through it occasionally. I also once went to the Muslim wedding reception there.
Two: The London Development Agency had to do a whole load of separate deals with small business people to buy up all the land.
Three: The cost of the above has turned out to be much higher than it appeared to have been at the time, for reasons that remain a matter of controversy. Some allege cock-up. Andrew Boff says that there has been concealment.
Four: A new company has been formed - the Olympic Park Legacy Company, whose board members, by the way, do not include Veronica Wadley - whose task is to ensure that the Park and its assets are put to best use. These include the stadium and other sports venues and also the disposal and development of the surrounding land.
Five: A complex negotiation involving the government, the Legacy Company and City Hall is ongoing. It concerns who gets lumbered with filling the "black hole" revealed after the cock-up or concealment emerged (see point three) and the balance of control of the Legacy Company after the Games are over. It seems that City Hall wants a 50:50 arrangement with central government but central government wants a bit more.
Now, I'm off for a lie down. You might prefer to read Paul Norman who understands it all much better than I do. You could also watch the webcast of yesterday's Budget and Performance committee meeting, which Paul reported. Next Wednesday you can see the Legacy Company's top brass being quizzed by the full Assembly.
If by the time you've done all that you comprehend the situation perfectly and can explain it in full and in language even we simpletons can understand, I'd consider it privilege to buy you a drink.
Update, 16:37 More proper journalism on this subject from Building.
