Quick fact check. Note no one is paying me to pore through all the details until I have everything 100% correct so this is superficial.
The London Stadium was built for the 2012 Olympics.
It was then converted for football matches. It also hosts other events but whether it had to be converted for those idk. If so it doesn't appear to have cost that much. West Ham paid for part of the conversion. Maybe 20%?
The London Stadium is owned by E20 Stadium LLP.
E20 Stadium LLP is owned by London Legacy Development Corporation (LLDC) and Newham Legacy Investments.
I couldn't find a straight answer to who does the LLDC belongs to. The Greater London Authority is my best effort. I think it's at least under their control.
Newham Legacy Investments is owned by Newham Council.
GLA/Newham paid for the rest of the conversion and presumably for the stadium to be built in the first place.
The stadium is also operated by LLDC. Vinci SA got a 25 year contract to operate it in 2015, but were bought out by LLDC in 2019 as they were losing a lot of money.
The tenants are West Ham (99 years from 2013, most of the year) and UK Athletics (50 years from 2013, during the summer). Maybe these leases were renegotiated a few years later as you see 2015 and 2016 mentioned as well.
There are also baseball, motorsport and rugby league and union matches held in the London Stadium, as well as concerts. How are the profits from them divvied up? Don't know.
West Ham apparently pay about
£3.5 million a year in rent and the stadium loses over £30 million? a year. For the annual loss I've seen figures from £500,000 to £90 million. Apparently it's depreciating really fast.
West Ham are interested in buying the London Stadium. It does initially appear to be another of many examples of massive corporatist corruption where taxpayers pay for things and capitalists run them down while extracting large profits. However what do you think would happen if the owners tried to significantly raise the rent? This situation should not have happened, but how would you go about fixing it now?