At one time it looked as if West Ham United were the clear favourites to become anchor tenants on the Olympic Stadium after 2012. But now there is a growing perception that the Spurs bid is more commercially viable. There is a fear that West Ham cannot afford the bid as they fight relegation. The Hammers are, however, fighting back.
At one time it looked as if West Ham United were the clear favourites to become anchor tenants on the Olympic Stadium after 2012. But now there is a growing perception that the Spurs bid is more commercially viable. There is a fear that West Ham cannot afford the bid as they fight relegation. The Hammers are, however, fighting back.
They have devised a business plan whuch suggests that they would pay off a £40m loan in fifteen years, even if they were relegated to the Championship. They estimate the cost of converting the 80,000 seat stadium to a 60,000 capacity and providing a full roof and corporate boxes at less than £100m.
This would be financed by a £35m legacy fund in the Olympic construction budget, the proceeds from the sale of Upton Park and a £40m loan raised by Newham Council. The stadium will not be cheap to run with annual maintenance costs put at £1m.
Spurs propose demolishing the athletics track, while West Ham intend to retain it and put grass over the top during the football season, leasing a certain number of days a year to athletics and cricket.
The Olympic bid originally promised that athletics would gain a physical legacy in the stadium. However, Olympic officials are apparently relaxed about this being provided elsewhere in London. The 2017 World Athletics Championship, for which the UK will bid, could be held at an upgraded Crystal Palace.
It now looks as if a decision on which club has been successful will be taken before Christmas.