London Stadium owners have revealed they have spent over £12m in external legal fees on the London Stadium since it was converted with £9m of that spent in relation to West Ham.
From inception the E20/LLDC costs in respect of the Stadium are:
West Ham £9,165,100
Other £2,895,663
TOTAL £12,060,763
The incredible figures have been revealed in a Freedom of Information response sent to Claret and Hugh.
West Ham recently won an appeal over an expert determination over the amount they were forced to pay in Share premium when Daniel Kretinsky invested in the club in 2021.
LLDC who own the London Stadium until April revealed that the costs of external legal services for the original expert determination are £137,833 and E20’s costs of the appeal are £126,291 to-date (excluding any sums owed to WH Holding/West Ham)
LLDC say they have not made any financial provision for the repayment of the receipt from West Ham, and would rely on their ultimate guarantor, the GLA should the circumstances require this. E20 have paid a proportion of West Ham Holdings’ legal fees in relation to the appeal in the sum of £127,724. Further payments are subject to agreement or a costs hearing.
The appeal hearing agreed with West Ham that LLDC should return £3.9m plus interest after successfully appealing the original expert determination.
Another week and another loss story…..this is getting very boring and ultimately, it isn’t going to change until something gives.