The Mayor of London took over the running of the Olympic Stadium last year after a scathing report ©Getty Images

The Queen Elizabeth Olympic Park, built for London 2012, is forecast to lose over £30 million ($41 million/€34 million) annually for the next four years, according to new budget proposals.

The figures have presented by Mayor of London Sadiq Khan in his forecast for 2018-2019.

The total expenditure for the Olympic Park is expected to be in excess of £37 million ($51 million/€42 million) for the next four years.

The income from the Park is expected to achieve a four-year peak in 2021-2022, where £6.9 million ($9.6 million/€7,8 million) is expected to be generated.

This is still expected to leave a net expenditure for the year of £32.7 million ($45.6 million/€37.1 million).

For the forthcoming year, £13.3 million ($18.5 million/€15.1 million) is expected to be spent on financing costs associated with the Park, with a further £10.3 million on corporate facilities.

Park operations, venues and trading will contribute to £9.6 million ($13.4 million/€10.9 million) of the spend, with a further £2.4 million ($3.3 million/€2.7 million) expected regeneration and £2.8 million ($3.9 million/€3.1 million) for the planning authority.

The remainder of the expenditure for the year is expected to be made up of development and irrecoverable value added tax and contingency costs.

Income of £6 million ($8.3 million/€6.8 million) is expected to be brought in by the Park this year.

It is claimed savings and efficiencies of £4.8 million ($6.7million/€5.4 million) have been built into the 2018-2019 budget.

The London Olympic Park is expected to lose over £30 million for the next four years ©Mayor of London
The London Olympic Park is expected to lose over £30 million for the next four years ©Mayor of London

This relates to predicted improved commercial and venue performance, the transfer of activities of the Paralympic, equalities and inclusion team and of communities and business engagement programmes; socio-economic and professional fee budget savings.

Khan announced plans to take control of the Olympic Stadium in December after he claimed a "catalogue of errors" by his predecessor Boris Johnson led to the costs of transforming it into West Ham United's new ground soaring.

An independent 169-page review mistakes had led to massively increased conversion costs after the 2012 Olympic and Paralympic Games.

It criticised a "bungled decision that has left the taxpayer to foot an annual loss of around £20 million ($27 million/€23 million)".

An independent review, commissioned in March, discovered the conversion cost £323 million ($435 million/€367 million) when the original estimate had been £190 million.

It was revealed last year that Premier League football club West Ham United, which is not directly criticised in the report, will pay only £2.5 million (£3.4 million/€2.8 million) rent for the Olympic Stadium under a 99-year tenancy deal agreed in 2013.

It meant the total cost of the Stadium rose to £750 million ($1 billion/€850 million).

Khan claimed Johnson's decision to make taxpayers to pay the bill means Londoners will have to shoulder a predicted loss of £24 million ($32 million/€27 million) this financial year.

He has now promised to take control of the London Stadium - as it is now officially called - in order to "renegotiate deals" and "minimise ongoing losses".