West Ham 'have nothing to hide' as they welcome publication of Olympic Stadium deal

New home: West Ham will move into the stadium in time for next season
West Ham United
James Benge14 April 2016

West Ham have welcomed the publication of the full details of their agreement with the London Legacy Development Corporation (LLDC) over the rental of the Olympic Stadium, maintaining that they “have nothing to hide”.

After a legal battle between a coalition of London supporters’ groups and the LLDC an unredacted version of the 99-year rental agreement was today released.

It confirmed that West Ham will pay £2.5m per annum in rent towards a stadium for which they contributed £15m of the estimated £272m redevelopment costs.

Whilst the LLDC are entitled to over £4m of the earnings from stadium naming rights and the majority of catering earnings West Ham have also agreed clauses that oblige their tenants to cover the costs of stadium upkeep and even the provision of goal posts, nets and corner flags.

The agreement also ensures that the LLDC will be entitled to a share of any money earned by co-owners David Sullivan and David Gold should they choose to sell West Ham.

The LLDC would be entitled to 30 per cent of the fee should Sullivan and Gold sell the club in the next five years however Standard Sport understand that the co-owners have no intention of cashing in on the club and remain keen to pass it on to their children.

West Ham maintain that the publication of the deal they signed in 2013 will have no impact on the club on or off the field and have welcomed its release.

In a statement the club said: “From our perspective, we welcome the publication of the concession agreement as it proves that, as we have always maintained, the Club has nothing to hide.

“Importantly, people can now see that the full revenue streams from which the stadium's owners will benefit go well beyond the widely-reported payments we have committed to make to the transformation costs and our annual usage fee for using the stadium 25 days a year.

“Those revenue streams include the contribution of the lion's share of the income deriving from the stadium's naming rights, catering, stadium tours, all non-matchday income and further substantial revenue if - as is our primary focus –the Club continues to enjoy success on the pitch. We firmly believe it is a great deal for both West Ham United and also the taxpayer.

“Working with our partners over the past three years, our vision, perseverance and unwavering belief in the stadium’s potential has helped design and create the magnificent 60,000 capacity venue we see today. It is a stadium that the nation can be proud of and we believe it will become one of the greatest football stadiums in the world.”

The Hammers have already begun to make their mark on the new home, last week installing the John Lyall gates that will follow them from the Boleyn Ground.

With plans afoot to welcome one of Europe’s leading club sides for a showpiece friendly to open the stadium ahead of the new Premier League season West Ham are convinced that they will offer the brightest future for the centre piece of the 2012 Olympics.

“Because of West Ham United and our brilliant supporters, the Stadium now has a true legacy and viable future for generations to come. We look forward to showcasing it to the world when we play our first game there in August.”

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