NEWS
Taxpayers to cover most of West Ham stadium costs
POSTED 06 Aug 2015 . BY Tom Anstey
West Ham United is understood to be paying around £2.5m (US$4m, €3.5m) a year in rent
The British taxpayer will be footing a large chunk of the bill for West Ham United’s tenancy at the £700m (US$1.1bn, €1bn) Olympic Stadium in London starting next year, with the public authority that owns the stadium revealing details of the rental agreement.

Following a Freedom of Information request from the BBC, the London Legacy Development Corporation (LLDC) – the public authority that owns the stadium – revealed that the Premier League club will get their new home almost rent free, with a large number of facilities and services paid for by the grantor – meaning the taxpayer rather than West Ham.

Included under facilities and services are cost of stadium utilities, security, pitch maintenance and more. In addition, costs of overheads not included, such as stewarding and policing on match days, could also be paid by the LLDC, a figure which costs most Premier League clubs hundreds of thousands of pounds.

West Ham is understood to be paying around £2.5m (US$4m, €3.5m) a year in rent, with the services covered amounting to a similar figure.

“Our agreement with the LLDC will see West Ham make a substantial capital contribution towards the conversion works of a stadium on top of a multi-million pound annual usage fee, a share of food and catering sales, plus provide extra value to the naming rights agreement,” said a West Ham statement.

"Our presence underwrites the multi-use legacy of the stadium and our contribution alone will pay back more than the cost of building and converting the stadium over the course of our tenancy."

The Olympic Stadium is undergoing a £272m (US$424m, €390m) redevelopment to convert it into a football stadium. As anchor tenants, West Ham have paid just £15m (US$23.4m, €21.5m) towards the conversion costs, which is over-budget by around £35m (US$54.6m, €50m).

The stadium will be used for athletics for one month a year and will also host ten annual community sports events on its new floodlit community running track. Further additions as part of the redevelopment include a training and education centre, plus a new roof.
As anchor tenants, West Ham have paid just £15m (US$23.4m, €21.5m) towards the conversion costs, which is over-budget by around £35m
The Olympic Stadium is undergoing a £272m (US$424m, €390m) redevelopment to convert it into a football venue
RELATED STORIES
  West Ham to begin selling season tickets for Olympic Stadium in April


West Ham United Football Club (WHU) will begin selling season tickets for the 2016-17 season – its first at the Olympic Stadium – this April.
  Cost of Olympic stadium conversion increases to £190m


The cost of converting the London Olympic Stadium into a 54,000-capacity multi-use stadium is set to rise from £154m to £190m due to complications in the new roof.
  West Ham signs deal to sell stadium in 2016


West Ham United Football Club (WHU) has agreed to sell its Upton Park stadium to developer The Galliard Group when the club completes its move to the Olympic Stadium in 2016.
  West Ham secures Olympic stadium tenancy


West Ham United Football Club (WHU) will be the new anchor tenant of the London Olympic Stadium following the government's agreement to contribute a further £25m towards converting the venue.
 


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06 Aug 2015

Taxpayers to cover most of West Ham stadium costs
BY Tom Anstey

West Ham United is understood to be paying around £2.5m (US$4m, €3.5m) a year in rent

West Ham United is understood to be paying around £2.5m (US$4m, €3.5m) a year in rent

The British taxpayer will be footing a large chunk of the bill for West Ham United’s tenancy at the £700m (US$1.1bn, €1bn) Olympic Stadium in London starting next year, with the public authority that owns the stadium revealing details of the rental agreement.

Following a Freedom of Information request from the BBC, the London Legacy Development Corporation (LLDC) – the public authority that owns the stadium – revealed that the Premier League club will get their new home almost rent free, with a large number of facilities and services paid for by the grantor – meaning the taxpayer rather than West Ham.

Included under facilities and services are cost of stadium utilities, security, pitch maintenance and more. In addition, costs of overheads not included, such as stewarding and policing on match days, could also be paid by the LLDC, a figure which costs most Premier League clubs hundreds of thousands of pounds.

West Ham is understood to be paying around £2.5m (US$4m, €3.5m) a year in rent, with the services covered amounting to a similar figure.

“Our agreement with the LLDC will see West Ham make a substantial capital contribution towards the conversion works of a stadium on top of a multi-million pound annual usage fee, a share of food and catering sales, plus provide extra value to the naming rights agreement,” said a West Ham statement.

"Our presence underwrites the multi-use legacy of the stadium and our contribution alone will pay back more than the cost of building and converting the stadium over the course of our tenancy."

The Olympic Stadium is undergoing a £272m (US$424m, €390m) redevelopment to convert it into a football stadium. As anchor tenants, West Ham have paid just £15m (US$23.4m, €21.5m) towards the conversion costs, which is over-budget by around £35m (US$54.6m, €50m).

The stadium will be used for athletics for one month a year and will also host ten annual community sports events on its new floodlit community running track. Further additions as part of the redevelopment include a training and education centre, plus a new roof.



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