There was a public tax payer outcry when it was revealed that West Ham will pay £2.5m per year to rent the Olympic Stadium.
UK Athletics have now had their agreement published after the latest Freedom of Information request.
The previously confidential agreement reveals that UK Athletics will pay a basic £35,000 ‘Maintenance Fee’ for an exclusive six-week rental called the Athletics window.
An additional ‘Super Profit Payment’ is due for Athletic events that make a significant profit. This profit share amount will be equal to 15% of the full event revenue less UK Athletics running costs less the average revenue they made in the three years before moving the Olympic Stadium for the same event. This means they will not share any profit on the first 16,000 tickets. UK Athletics will also pay the stadium operators their ‘Operating costs’ for each event at cost.
The stadium operators will keep all ‘normal’ food and drinks sales but Athletics will keep all the hospitality money, less a 10% admin fee from stadium operators.
As UK Athletics have the exclusive use of the former Olympic Stadium for up to 45 days per year in what is termed the Athletics window which runs from the last Friday in June to the end of July or 1st August if the 31st July falls on a Sunday.
This year that is less than £778 per day rental compared to the Hammers rent of £100,000 per day which is 128 times that of the Athletics people. You can guarantee this news will not create the same media storm that West Ham’s agreement did when it was released and it will pass by largely unnoticed.
You can read the full agreement with UK Athletics HERE