Both sides in the long drawn out Olympic Stadium saga are becoming increasingly frustrated with the lack of progress and yesterday West Ham United made a take-it-or-leave it offer to the London Legacy Development Corporation (LLDC).
Both sides in the long drawn out Olympic Stadium saga are becoming increasingly frustrated with the lack of progress and yesterday West Ham United made a take-it-or-leave it offer to the London Legacy Development Corporation (LLDC).
In addition to an estimated £2.5m a year in rent, index linked to the retail price index, West Ham believe their offer is worth an extra £6m a year to LLDC given an uplift in stadium naming rights and catering income. However, LLDC believe that these figures are too optimistic and that the £2.5m in rent would be wiped out by matchday costs they would have to meet.
Newham Council have agreed a £40m low interest loan towards conversion costs. It is believed that they are prepared to increase this contribution to £68m. However, this could prove to be politically controversial, even though Newham would benefit from jobs and kinvestment.
West Ham remain committed to a move to Stratford but not at any price. For their part LLDC chief executive Dennis Hone has said that he wants to reach an agreement with the club but ‘not at any cost to the taxpayer’.
Some members of the LLDC board argue that it now makes sense to walk away from Premier League football, which involves spending at least £160m on a new roof and retractable seats, and instead invest £30m in getting ready to open as soon as possible as a multi-use venue without football.