By Kris Gonzo | Senior West Ham Columnist (Follow on X)
Sadiq Khan is “ready to discuss any credible proposal” from West Ham concerning the future of the London Stadium, according to City AM.
That does not mean negotiations have begun, nor does it confirm that the publicly owned venue is formally for sale.
Nevertheless, the Mayor of London’s message appears to be a very public come-and-get-me plea. It is effectively Khan telling West Ham’s owners: make me an offer I can’t refuse.
The Real Prize Behind West Ham
I have always believed that West Ham’s ultimate objective was to acquire the London Stadium and the surrounding land so it could be developed.
That belief does not alter irrespective of whether David Sullivan, the late David Gold, Karren Brady, Daniel Křetínský or Amanda Staveley is involved.
The biggest incentive to buy West Ham is the land. The Brucie bonus is that you get a football club as well—and if that football club can be established in the Premier League, all the better.
As we have covered extensively, the real value would not necessarily be limited to the stadium itself but could include the enormous development possibilities presented by the surrounding area.
That property opportunity was believed to be central to Amanda Staveley’s interest in West Ham and the London Stadium.
Staveley wanted to match Daniel Kretisnky’s big plans to revamp the London Stadium
Losses Make Khan’s Position Understandable
The financial position provides an obvious reason for Khan’s willingness to listen.
The stadium is currently reported to cost the Greater London Authority around £19million annually, while West Ham’s already favourable rent was reduced further following relegation to the Championship.
As I wrote when discussing the proposed naming-rights deal, finding another £4million would be like bailing water out of a hull with an egg cup while wave after wave cascades in.
At a time when the economy is flatlining, there cannot be much appetite at City Hall for continuing to subsidise the stadium to the tune of something approaching £20million every season.
That is public money which could be better spent on vital services such as transport, hospitals and policing.
The Ball Is Now in West Ham’s Court
There is also more than one potential route forward.
Claret & Hugh revealed earlier this year that Khan was believed to be open to a new long-term stadium agreement which could provide West Ham with greater control over sponsorship, catering and non-football events.
An outright purchase involving the stadium and surrounding land would represent a far bigger undertaking, but Khan’s language is significant.
He is inviting a proposal, albeit with whiff of desperation which is completely understandable.
West Ham’s ownership structure has changed considerably, with Daniel Křetínský now the club’s largest shareholder and we are about to discover whether he has the drive for long-term strategy.
City Hall appears ready to listen. The question is whether Křetínský and his fellow shareholders possess the ambition—and the financial backing—to make Khan an offer he cannot refuse.
This was always going to happen, I’m surprised it has taken so long. There was only so long the athletics legacy politically correct twaddle could float for in the face of reality.
Being a property investment opportunity isn’t necessarily what is good for us.