asked Her Majesty's Government:Whether provision has been made in the contracts to be signed with Legacy plc for the sale to them of the Millennium Dome site to provide the clawback of profits from Legacy plc if that company is deemed to have made excessive profits from the disposal or use of land at the Dome site at some date after contracts have been signed; and, if so, by what mechanism it is proposed that "excessive profits" will be defined. [HL325]
The issue of clawback and related matters is the subject of active negotiation between Legacy plc and the Competition Team. I can assure the noble Baroness that the Government are taking a strong line in seeking to protect public interests through the entire sale process, and will ensure that appropriate safeguards are built into any contract. Details of negotiations with Legacy plc are commercially confidential.
asked Her Majesty's Government:What is the estimated cost of the setting up and running of the Millennium Show during the life-time of the Millennium Dome. [HL329]
The New Millennium Experience Company has advised that the total costs of the Millennium Show were £72.6 million. Expenditure on design, construction, fit-out and pre-opening training costs for the performers and technicians was £60.1 million. Staff costs, and running costs during the operational year were £12.5 million.