West Ham’s rent of the London Stadium has increased by 44% since they moved in to the former Olympic Stadium in the summer of 2016.
The 2013 concessionaire agreement rent was index linked to the Retail Price Index (RPI)
The initial £2.5m per annum rent for up to 20 competitive games per season has increased from £2.5m to £3.6m
Add to that an another £400,000 of fees for additional capacity and advertising space to make £4m in total given by the Hammer.
In an a 2021 third deed of variation to the 2013 concessionaire agreement West Ham agreed to pay £250,000 annually to take the football capacity to 60,000 and a further £83,000 to take the capacity to 62,500.
However according to sources close to the London Stadium, the £4m doesn’t come close to cover the running costs.
Sadly for the London stadium owners it costs at least £7m to open the stadium for the West Ham games, council rates have gone up to nearly £4m and there are another million pounds other costs they pay such as utility bills. They also pay huge maintenance costs to keep the stadium operational.
Answer is sell it to the club! as originally intended in first bidding process scuppered by blundering Boris!
Brady, Mostly interested in A strange vendetta and obsession with Spurs.
Also Weird crowd thing, 40 ish thousand, declared as 62 !! .
Subsidised by Tax payers.
Still in ****e .
Miss Management.
Was never a fan of the move. The stadium is trying be something it’s not. Hopefully West ham can buy it off them and refurb it into a new Upton park. Wouldn’t it be great if the seats were as close as at Upton.
Somebody made some money in agreeing to this contract. Who in their right mind would agree to subsidise a football team in £M’s at the expense of tax payers. Appears to have been fraudulent activity but nobody is investigating this
No sympathy for the council whatsoever. West Ham got a steal when they agreed the rent but so keen was Seb Coe to keep the stadium within the athletics family that they rejected an excellent offer from Spurs to buy it outright knock it down and rebuild it as a football venue and refurbish Crystal Palace, the traditional home for athletics, at no charge to the council or the British Olympic Association. The offer was rejected. Live and pay for your decision.