Olympic Stadium deal for West Ham finally agreed
Thursday 21 March 2013
West Ham have agreed a deal to move into London's Olympic Stadium, sources close to the process have confirmed.
The deal for a 99-year concession will be announced at a press conference tomorrow, when details of the revamped stadium featuring retractable seating will be unveiled.
The agreement should also open the way for the stadium to be used as one of the venues for the 2015 Rugby World Cup, which have yet to be confirmed.
Negotiations between the London Legacy Development Corporation (LLDC ) and West Ham have been long and tortuous since the club was named preferred bidders in December, but they have now finally been signed off by the corporation's legal advisers.
Under the agreement, West Ham will be given the right to use the stadium for all their matches under a 99-year concession deal.
That will give the club long-term security but they will have no property interest in the stadium.
The deal will protect public interest should West Ham's owners sell the club for a profit on the back of the move – the LLDC would get a significant cut of any profit.
The LLDC will also have rights to income from other events such as music concerts and there will also be a legacy for athletics, with a number of events for that sport maintained.
The retractable seating should allow the stadium to be changed from a football venue – with seats on the running track – to an arena suitable for athletics events or concerts within eight days.
Latest in Sport
- 1 2015 General Election: Green party will not appear in TV debate alongside Ukip – says BBC
- 2 Canadian actor punched in face after 'Islamophobia' experiment goes wrong in wake of Ottawa shooting
- 3 Topshop at centre of row over body image as 'shocking' skinny mannequin photo goes viral
- 4 Kentucky gang rape: 15-year-old boy left in critical condition after sexual attack by group at party
- 5 Of course, teenage girls need role models – but not like beauty vlogger Zoella
Pope Francis declares evolution and Big Bang theory are real and God is not 'a magician with a magic wand'
Huge surge in Ukip support after EU funding row, according to new poll
Ukip ‘exploiting grooming scandal’ to secure party’s first police chief
Nigel Farage: 'There’s nothing wrong with white people blacking up'
Muslims, immigration and teenage pregnancy: British people are ignorant about almost everything
Maureen Lipman says 'she can't vote Labour while Ed Miliband is leader'