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12/01/2005
Report reveals 'errors' behind failed Dome sale
A report published by the National Audit Office (NAO) has revealed the main factors behind a failed bid to sell the Millennium Dome in 2001.
The NAO found that too many parties were involved in the decision-making process and also stated that the main players involved in the sale – including the Dome organisers, the New Millennium Experience Company and English Partnerships, the owner of the Greenwich site - did not have the same aims.
The report also criticised the stated objectives which bidders were supposed to meet, calling them "too complicated". Difficulties at the New Millennium Experience Company, including the incomplete record of assets and liabilities, were also said to have affected the attempted first sale.
The second attempt to sell the Dome and the associated land, in a deal with Meridian Delta Ltd and the Anschutz Entertainment Group, was successful, the NAO said, because it had avoided many of the problems of the earlier abortive sale attempt. The deal was concluded and announced in June 2004.
The Dome is now set to be turned into a 26,000 capacity Arena, suitable for both sports and entetainment events. Preparatory work for the construction of the arena is due to begin this week. It is due to be completed in spring 2007. The development of the associated land will include a mixed use district, including up to 10,010 dwellings, offices, a hotel, student accomodation and education and community facilities. Preliminary infrastructure works on the development of this land will begin later this year and construction of the new homes will begin in 2006.
The NAO report said that the deal addressed the government's objectives to return over £550m to the public sector, as well as to ensure development of the Dome and the surrounding area.
Commenting on the report, Sir John Bourn, head of NAO, said: "In difficult circumstances following the failure of the first competition, English Partnerships and the Office of the Deputy Prime Minister have worked hard to get a deal. There are risks still to be managed but local residents, and indeed the taxpayer, stand to benefit from it."
Deputy Prime Minister, John Prescott, said that he had "every confidence" that the new venture would deliver "an exemplar sustainable community and a magnificent new entertainment destination for London at the Dome."
He said: "English Partnerships have secured good value for money and a good deal with Meridian Delta Ltd and Anschutz for the future use of the Dome and continued regeneration of the Greenwich Peninsula."
(KMcA/SP)
The NAO found that too many parties were involved in the decision-making process and also stated that the main players involved in the sale – including the Dome organisers, the New Millennium Experience Company and English Partnerships, the owner of the Greenwich site - did not have the same aims.
The report also criticised the stated objectives which bidders were supposed to meet, calling them "too complicated". Difficulties at the New Millennium Experience Company, including the incomplete record of assets and liabilities, were also said to have affected the attempted first sale.
The second attempt to sell the Dome and the associated land, in a deal with Meridian Delta Ltd and the Anschutz Entertainment Group, was successful, the NAO said, because it had avoided many of the problems of the earlier abortive sale attempt. The deal was concluded and announced in June 2004.
The Dome is now set to be turned into a 26,000 capacity Arena, suitable for both sports and entetainment events. Preparatory work for the construction of the arena is due to begin this week. It is due to be completed in spring 2007. The development of the associated land will include a mixed use district, including up to 10,010 dwellings, offices, a hotel, student accomodation and education and community facilities. Preliminary infrastructure works on the development of this land will begin later this year and construction of the new homes will begin in 2006.
The NAO report said that the deal addressed the government's objectives to return over £550m to the public sector, as well as to ensure development of the Dome and the surrounding area.
Commenting on the report, Sir John Bourn, head of NAO, said: "In difficult circumstances following the failure of the first competition, English Partnerships and the Office of the Deputy Prime Minister have worked hard to get a deal. There are risks still to be managed but local residents, and indeed the taxpayer, stand to benefit from it."
Deputy Prime Minister, John Prescott, said that he had "every confidence" that the new venture would deliver "an exemplar sustainable community and a magnificent new entertainment destination for London at the Dome."
He said: "English Partnerships have secured good value for money and a good deal with Meridian Delta Ltd and Anschutz for the future use of the Dome and continued regeneration of the Greenwich Peninsula."
(KMcA/SP)
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