RentThe Hammers will pay £2.5m per year – marginally above the average salary for a Premier League player, which is estimated to be £44,000 a week – for the duration of the 99-year agreement. The payment, which grants them use of the stadium for 25 days a year, is pegged to the retail price index. If the club were to be relegated from the top flight then the rent would fall to £1.25m per year.
Extra paymentsWest Ham are obliged to pay £100,000 for each additional competitive fixture they stage at the stadium above and beyond their stipulated 25 matchdays. They are also committed to paying the LLDC the following performance related bonuses: £100,000 for finishing in the top 10 or winning the FA Cup or Europa League; £250,000 for qualifying for the Champions League; and £1m for winning the Champions League.
Naming rightsThe LLDC has led the search for a naming right partner for the stadium and will be entitled to the first £4m per year of any eventual deal. Any revenue after that would be split between the LLDC and West Ham. For example, in the event of a naming rights deal worth £6m per year, the club would receive £1m.
Owners' paybackA complex one, but in short West Ham’s owners – David Sullivan holds 51.1 per cent and David Gold 35.1 per cent – would have to pay something back to the LLDC if they sell up in a deal that values the club at £125m or more. How much depends largely on the price paid and when the sale takes place, but it looks unlikely to run into an eight-figure sum.
Conversion costsIt has cost the LLDC £272m to covert the Olympic Stadium from the facility that staged many of London 2012’s most iconic moments into a venue also capable of hosting top level football. Under their agreement, West Ham have contributed £15m to that bill.
Running costsThe LLDC will pay for all heating, lighting, power and maintenance including the pitch and goalposts. The body is also responsible for policing and stewarding costs.
The LLDC receives the first £500,000 of profit on catering activity, and 70 per cent of anything on top. They also stand to benefit more than the club from stadium tours.