OLYMPIC STADIUM SAGA CONTINUES

The owners of West Ham United must agree to share the profits from any future sale of the Premier League outfit if they are to obtain allowance to move into the Olympic Stadium.

The Upton Park outfit are likely to be announced as first choice to become the Olympic Stadium's new tenants but Mayor of London Boris Johnson says West Ham's value will dramatically rise when they are given the 99-year lease.

And, therefore, the deal is in the hands of club owners David Sullivan and David Gold.

The condition has been put in place because the iconic venue, which was used as the main stadium at the London 2012 Olympics, has had a lot of public money invested in it, and Boris Johnson is concerned that it will be unfair on the taxpayer if the Hammers' owners decide to cash in after obtaining the sought-after lease.

The stadium cost £429m to build for the Games and, with the cost of retractable seating and fully extending the roof on top of that, it will be worth nearly £600m.

 

Posted on 04/12/2012