Olympic deal nears conclusion

Confirmation of us moving to the Olympic stadium was set to be confirmed today but as per usual it has been delayed yet again. From the Guardian:-

Negotiations over West Ham United’s protracted move into the Olympic Stadium are set to extend beyond Tuesday as a saga that has lasted more than two years limps towards a conclusion.

The London Legacy Development Corporation (LLDC) was expected to rubber-stamp the move on Tuesday after the Premier League club upped their annual rent offer of £2.5m, as well as £6.5m in sponsorship and catering income, for the £429m stadium.

However, this is not yet the end of the road for a saga that has endured since the club were first named preferred bidders for the venue on a 99-year lease in 2010, as the approval process is expected to take longer than expected.

Once the deal is ratified by the LLDC, Newham council’s offer to part-fund the £160m-plus conversion costs of a new cantilevered roof and retractable seats still has to be approved, while a special-purpose body, set-up by the council and the LLDC, will also have to formally confirm any agreement.

The organisation’s chairman, Boris Johnson, has negotiated a cut of any profits that are earned should the club be “flipped” in a quick sale to a new owner after the move. However, West Ham are keen to stress that David Gold and David Sullivan, the current co-owners with a 65% stake in the club, have no intention of selling up.

West Ham were awarded “higher-bidder” status in December despite the LLDC wanting more than the proposed £15m that the club were willing to offer towards conversion costs. Newham is now providing £40m of the £160m, with further money from the public purse also contributing.

West Ham have since promised to pay back any additional costs for the roof and seats to the LDCC in less than 10 years. They have also struck an agreement in which any usage costs for matches played at the stadium over their pre-arranged quota will be paid in full, potentially earning the LDCC significant sums in extra revenue, which would see West Ham playing matches at the ground from the 2016-17 season.

Anyone notice it’s gone all quiet regarding Barry Hearn? Reckon someones thrown him a wod of cash to shut the fuck up.

This entry was posted by theboleyninheritance.

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