The London Legacy Development Corporation (LLDC), the organization which owns and runs London’s Olympic Stadium, has been ordered to make public the details of English Premier League (EPL) soccer club West Ham United FC’s deal to lease the venue. Both the LLDC and the club have been keen to ensure details of the agreement remain confidential – the LLDC even went so far as to appeal an earlier order to publish the particulars of the agreement.
LLDC spokespeople are quoted by multiple media outlets as having been keen to maintain the venue’s privacy in order to enable the new stadium to operate competitively.
Two days after the announcement, LLDC published a 207-page document that detailed the arrangement.
WHUFC will pay £2.5m (US$3.54m) a year to rent the stadium for a 99-year lease. The first £4m (US$5.7m) of any naming rights deal will go to LLDC and the London Borough of Newham, with any further naming revenue split between the two bodies and the club itself. The rent will be halved if West Ham are relegated from the Premier League.
Also detailed are a number of extra payments that the club could have to make – for example, if the team wins or qualifies for the UEFA Champions League – related to the club’s performance in domestic leagues and cup competitions.
April 14, 2016
