Full West Ham Olympic Stadium deal revealed: £2.5m annual rent to be halved if Hammers are relegated

 
Joe Hall
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Bargain: West Ham will move into their new home at the start of next season (Source: West Ham)

West Ham will pay £2.5m a year to rent the Olympic Stadium, the London Legacy Development Corporation (LLDC) has confirmed.

Full details of the deal which will see the Hammers move into the 60,000 capacity arena on a 99-year lease have been published by the LLDC for the first time following a Freedom of Information appeal.

They reveal that the first £4m of naming rights to the stadium will go straight to the publicly-funded LLDC before being evenly split between the two parties.

Read more: This picture shows what the Olympic Stadium could look like once West Ham move in

In the unlikely event West Ham win the Champions League trophy they will be required to pay an extra £1m, but if they are relegated their rent will be slashed to just £1.25m a year.

The LLDC had wanted to keep details of the deal under wraps as they believed making them public could harm future commercial operations between stadium operator Vinci and potential clients.

"We are disappointed by the Tribunal's decision," read an LLDC statement. "Our motivation in bringing this case has been to protect millions of pounds of taxpayer's money.

"The Stadium needs to be a profitable and successful commercial operation otherwise it will rely on public subsidy. We were concerned that the publication of this contract and the precedent it may set for future agreements could make it harder to do this.

"However, we have decided not to seek leave to appeal, and have today made the contract available on our website."

In contrast, West Ham said they welcomed the publication of the 207-page document.

"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," the club said in a statement.

“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."

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