British newspaper The Daily Telegraph reports that company filings show the joint East Wick and Sweetwater project involving construction company Balfour Beatty and property development firm Places for People has made £7.3 million ($9.9 million/€8.8 million) in losses since 2019.

The new neighbourhood is based on the west side of the Olympic Park, which played host to the London 2012 Olympic and Paralympic Games.

Developers are reportedly hoping for the London Legacy Development Corporation (LLDC) to agree to a reduced share of the revenue generated, insisting that the present deal is unfeasible.

Balfour Beatty, Places for People and the LLDC told The Daily Telegraph that talks are ongoing.

"We are concluding constructive discussions to ensure the project delivers the multi tenure homes that are part of the Olympic legacy and meets the partnership’s overall aims and aspirations," a joint statement said.

"Planning permission was granted for all of the remaining homes at the end of last year and we anticipate that works for the next phase will start in the summer."

There have been concerns raised over the legacy of London 2012, including criticism over a limited number of new affordable homes and perceived gentrification of East London, as well as criticism over the cost of the Olympic Park and the main stadium, now known as London Stadium and which houses Premier League football club West Ham United.

However, it has also been claimed that 110,000 jobs have been created across the host boroughs since the Games.

London held the Olympics for the third time in 2012, beating Paris in the final round of voting at the International Olympic Committee Session in Singapore in July 2005.