By Duncan Mackay
November 16 – Tottenham Hotspur today officially gave up their controversial pursuit of moving into the Olympic Stadium even though the tender process has been reopened, leaving the way clear for rivals West Ham United to negotiate a new deal to take it over after London 2012.
The Premier League have instead announced plans to de-list themselves from the stock market and return to private ownership in a bid to raise funds for a new stadium next to its current ground at White Hart Lane.
Tottenham’s refusal to accept the decision by the Olympic Park Legacy Company (OPLC) to award the Stadium to West Ham and demand a judicial review in the High Court put London’s bid to host the 2017 World Athletics Championships in doubt.
So concerned were officials that the legal dispute would scupper London’s chances that they decided to keep the Olympic Stadium in public ownership, at which point Tottenham dropped their judicial review.
Even though Tottenham could have bid again for the Olympic Stadium the decision by the OPLC to guarantee that the athletics track will remain there for 99 years has effectively forced them to concentrate on the Northumberland Development Project.
Tottenham’s joint proposal with entertainment giants AEG for the Olympic Stadium included tearing up the track and instead helping fund the redevelopment of Crystal Palace National Sports Centre to leave athletics with a post-Olympic legacy.
Tottenham chairman Daniel Levy revealed that the club now hoped that they would receive public and private support to fund the £400 million ($628 million/€467 million) Northumberland Development Project.
“It is clear to us that increasing the capacity of the club’s stadium is a key factor in the continued development and success of the club and will involve the company in considerable additional capital expenditure,” said Levy.
“A financing package will need to include bank finance, enabling development and sponsorship.
“Quite clearly any further investment would need to be in the context of a commitment by the public sector to to undertake public infrastructure works in order to create the environment and confidence to commit further.
“These would include public sector improvements, such as improved transport in the surrounding area, thereby creating an area in which the club can justify an investment of hundreds of millions of pounds.”
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