Vodafone pulls out of London Stadium deal

Vodafone has pulled out of a naming rights deal for the London Stadium after reporting massive annual losses of £5.2bn, due partly to a big write-down in the value of its Indian business.

The mobile phone giant, which operates in 26 countries, wrote down the value of its Indian unit by 3.7bn euros after a major price war broke out last year. Vodafone also admitted it had suffered a disappointing year in the UK.

Vodafone had planned to conclude a six-year £20m naming rights deal for the former Olympic Stadium over the summer worth £3.3m per year but has since changed its mind in the wake of massive losses.

Sources close to the mobile operator say the decision had nothing to do with the HMRC raids on West Ham despite a report in the Sun and Times this morning claiming that the giant had been scared off by negative publicity. A source close to the Stadium owners confirmed that Vodafone’s decision had nothing to do with the club.

On a positive note, the Claret and Hugh flag will be able to remain in position next season close the giant screen unless the naming rights are sold.