The Queen is renting out a playing field at Kensington Palace to a millionaire Russian businessman for the duration of the London Olympics as part of a new fund-raising drive.
The area, known as Perks Field, which is currently used by the royal household as a football pitch and for landing the royal helicopter, will be used to host VIP events and promote the 2014 Winter Olympics.
It is situated to the north of the palace where the Duke and Duchess of Cambridge have their London base as well as Prince and Princess Michael of Kent.
Rented: The Queen is renting out a playing field at Kensington Palace to Russian businessman and Chelsea fan Sergei Kolushev
Details of the deal are not being made public but it is understood that the Queen’s bean-counters will pocket a six figure sum.
Documents submitted to Kensington and Chelsea council reveal that the Queen’s treasurer, Sir Alan Reid, signed a contract with wealthy Russian businessman and Chelsea fan Sergei Kolushev back in August.
The deal is part of a drive by Buckingham Palace to supplement the Queen’s income as a new Government scheme to manage royal funding is put into place.
Fundraising: The deal is part of a drive by Buckingham Palace to supplement the Queen’s income
The first payment will be for £31 million but there are continuing fears that this will not be enough to cover the huge backlog of essential maintenance work needed by many royal residence, which are held in trust by the Queen on behalf of the nation.
Palace officials have come up with a series of money making ventures, including renting out the State Apartments at St James’s Palace for the first time.
They are insistent, however, that nothing must be done to ‘tarnish’ the Queen’s name – and have forced the Russians to sign a contract stating that they will do nothing that ‘may affect of damage the reputation, image or standing….of the royal family, royal household…Kensington Palace or any occupied or unoccupied royal palace or residence.’
Any breach of this could result in the loss of their £250,000 deposit.
Event organiser Eventica plan to erect a giant double-deck marquee as part of a Russian cultural festival featuring a stage, sponsors’ tent, catering and picnic area and bar.
A Buckingham Palace spokesman said: ‘The renting of Perks Field is a way of managing and adding to the budget of the Sovereign Grant over the next three years.’