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The London Taxpayers' Stadium Shambles

Hopefully they give a few spots to some of the local Turkish places in our new ground rather than the standard burger and hot dog brick you usually get
 
Levy made sure that couldn't happen by insisting upon a clause being inserted whereby the stadium had to keep athletics for the full 99 year term of the lease. It is possible that West Ham could buy the lease outright, but they would have to retain the athletics track for the full term.

The only solution to make that stadium suitable for football is to knock it down and start again but that would be prohibitively expensive and simply not worth it for any investor.

Also if the public sector was to decide to sell the stadium then (I would assume?) the sale would have to be a sale open to any bidder? I could see a few wealth funds being quite interested in owning the stadium, but not necessarily wanting to own West Ham United. Obviously the terms of the lease are currently pretty poor for the LLDC and advantageous for West Ham, but in the future (long in the future admittedly) the terms could instead become advantageous for the stadium owner. Let's assume that overall (with potential naming rights + lease cost + food and drink concessions) the public purse is better off to the tune of £10 million a year. A wealth fund would probably be prepared to pay £200 million to keep that same arrangement and have that 5% return (especially knowing that the return could easily be increased later).

Therefore WHUFC would probably be looking at having to pay at least that amount just to acquire the stadium freehold - and at that stage they are still stuck with having to maintain an athletics legacy.

im on the same page as you i think im just unsure as to how water-tight that clause would be in the face of someone super rich and powerful throwing a lot of money at the LLDC
 
Wow

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