A better deal than the Emirates?

Biggus

http://www.football365.com/news/west-ham-to-pay-2-5m-annual-rent-at-olympic-stadium

Will it keep them trophyless for a decade?

As G89 would say- Discuss!

Savz

Immense deal. They'll become quite powerful in the not so distant future. Prime location, Fantastic stadium for nothing, new deals will happen too ie sponsors, shirt sponsor. Huge influx in revenue in 2-5 years.

Meatwad

the LLDC should have received a % of the matchday revenue and not a fixed fee.

Captain

they have basically been giving away everything associated with the olympics for a while now. The olympic village, for instance, was sold to UAE investors for less than half market value. This at a time when London property is pretty much our biggest 'export'.

Also, season tickets at the new stadium are going for as little as £250.

goon

What's the deal with the LLDC? Are they just really shitty businessmen or is there a reason for them getting taxpayers no value whatsoever? It's costing them more money to convert the fucking stadium than they'll get from the entirety of the 99 year lease.

Meatwad

corporate welfare.

jones

Deal sounds dodgy as fuck. Forget the Emirates, that's way better than any stadium deal any German club has gotten and all of them are heavily subsidised with taxpayer money.

As was mentioned London property is very valuable but also likely to be involved in some sort of corruption.

JazzG

Looks a proper bent deal, though they didn't have many options. Spurs wanted to knock the stadium down which was a non starter due to this Olympics legacy bollocks. Left only West Ham as viable options, suppose it helps having friends in high places and a deal was done.

Clrnc

The deal just doesn't make sense at all. The fees for daily operations are 100% on LLDC. That itself is already a loss for them in every match.

jones

It's probably still better from the vendor's position than what Spurs have offered. Remember how they were holding the city council for ransom over their planned new shithole, everything around that club is disgraceful.

Biggus

They've announced that they've sold 50,000 season tickets.

http://www.football365.com/news/west-hams-50k-season-tickets-is-capital-high

banduan

It's a bent deal probably clinched by permanently assigning a porn star to each board member.

Coombs

Hate West Ham. Hope some shady kickbacks get dredged up and the whole thing goes tits up.

Gurgen

Sounds like state aid to me. Who wants to draft a complaint to the European Commission?

banduan

Of course, the full details haven't been revealed yet though we know how much they're paying and that the stadium owners can use non-match days for whatever they want. Can't imagine they get much out of it regardless.

evoh1

It's a con and should be investigated in EU and state aid. At their current rate there would be no return on the the cost of adapting the stadium over the 99 year lease.

Never surprises me when the government go into negotiating p, they usually have their pants down immediately and only have one option: West Ham take it at what they decide to donate. They could have white elephanted it and made money on the land if nothing else.

Meatwad

even if west ham was the only serious option that doesn't mean they had the advantage in negotiations. it's not like they could go to a bank and get financing for a new 60k seat stadium. if they wanted a bigger stadium the olympic stadium was their only option. this could have been a break even/slight money earner for LLDC if they were interested.

Gurgen

Full contract: http://queenelizabetholympicpark.co.uk/~/media/lldc/concession%20agreement%202016.pdf

JazzG

Gurgen wrote:
Sounds like state aid to me. Who wants to draft a complaint to the European Commission?

Anyone know a half decent lawyer? 😉

Biggus

Sorry, you have to be in the European Union to appeal to the European commission.