September 20 – The controversy over the ‘giveaway’ of London’s newly built 2012 Olympic Stadium to Premier League club West Ham United is not going away with club furiously claiming the public have been misled over the amount it pays for its tenancy.
Lyn Garner, the CEO of E20 – the London Legacy Development Corp set up to manage the post 2012 Olympics venue and sporting legacy – appeared to blame the club for its £22 million losses last year saying the “elephant in the room” when discussing finance was always the amount the club pays, and that the £2.5 million annual rent did not come close to covering event-day costs.
West Ham responded saying that the real sum the LLDC receives annually is now closer to £10 million taking into account rent and associated income.
“West Ham United are concerned that this is deliberately misleading the public and, more importantly, taxpayers,” said a West Ham statement.
“West Ham now pay £3million in rent due to additional annual fees that have been introduced since our agreement in 2013 and a further £6 million was received by our landlord from the food and beverage sold at our matches.
“With additional fees we pay for services at the London Stadium, the total revenues received from West Ham United and our activities is £10 million a year
“The current strategy to point the finger at West Ham United is simply not the solution to the long-term viability and commercial success of the venue.
“We are running a football club, not the stadium, and for Ms Garner to lay any blame for their financial struggles at our door is wrong and misleading the public.”
Even so, still looks like a pretty good deal for the Hammers.
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