The Olympic Orbit sculpture is running at a huge deficit with much lower visitor numbers than expected, it has been revealed.

The London Assembly regeneration committee discussed the worrying figures this morning (February 2) at City Hall in central London.

The London Legacy Development Corporation (LLDC) originally expected the ArcelorMittal Orbit, at the Olympic Park in Stratford, to have 350,000 visitors per year.

But figures show that in 2014/15 there were just 124,000 visitors and it ran at a £520,000 deficit.

The Aquatics Centre and Copper Box also ran at a £642,000 loss in the same year.

The orbit was opened to the public in April 2014.

David Goldstone, chief executive of LLDC, said at the meeting today that it will spend £3.5million to erect a 178m slide at the orbit which is due to be opened later this year.

He added that the orbit is forecast to recover the cost of the slide over a five year period.

Planning permission for the helter-skelter, which will loop around the sculpture, was granted in July last year.

It will send visitors speeding up to 15mph around the famous structure designed by Sir Anish Kapoor.

A ride costing £5 on top of the £12 entry fee, down the distinctive looping red steel tower which stands 114.5m high, will last about 40 seconds.

Gareth Bacon, chairman of the regeneration committee, concluded: “Everyone wants the Olympic Park to succeed, and popular venues are a key part of that.

“We were assured by the LLDC today that visitor numbers at the orbit are heading in the right direction and that the addition of a new slide will help.

“But £3.5 million is a lot of money and we need to make sure it will deliver value for money in the long run.

“The assembly will continue to keep a close eye on the financial performance of this and other Olympic venues in the future.”