Stadium owners confirm consortium approach

London Stadium owners London Legacy Development (LLDC) have confirmed an approach from PAI Capital for a long lease of the London Stadium and surrounding park and attractions.

Lyn Garner, Chief Executive of the London Legacy Development Corporation said:

“We have a clear responsibility to explore all opportunities to ensure the best possible outcome for the public and taxpayer from the Olympic legacy and are keen to work with West Ham United to reduce the cost of the Stadium to the tax payer.

“We have been approached by PAI Capital who we understand are putting together a serious offer to purchase the controlling interest at West Ham United. On this basis we have entered into discussions with PAI Capital on a set of principles that, if adopted, would see PAI Capital owning the Stadium on a long leasehold should they reach agreement with the current owners of West Ham United and take a controlling interest in the Club.

“LLDC has always been open to discussions with potentially interested parties, including the current owners of West Ham United, as well as any credible possible investors into the Park, and this remains the case.

“Any potential sale of West Ham United is a matter for the owners of the Club and not LLDC.”

Claret and Hugh says: This is a strange set of affairs with a public body making a public statement on a condition of a lease being the sale of a private football club. One would think LLDC have a legal duty to put the long lease of the park out for competitive tender rather than negotiating in secret with a consortium. This whole affair has been played out in the public media so it figures that the stadium owners would join in on the action. It will be interesting to see what London Assembly members who scrutinise the Mayor of London spending which includes the LLDC have to say on this. I can imagine they will have a number of questions for Lyn Garner and her bosses and I will imagine she will be hauled in front of a committee very soon. I can see a flurry of freedom of information requests coming their way very soon.