|
|
Post by Kenilworth_Stokies on Jan 17, 2024 10:34:41 GMT
Interesting analysis here from a West Ham fan: Is West Ham's residency at the London Stadium in jeopardy? | Shocking £232M stadium lossesBasically, the stadium company has announced shocking losses, unsurprisingly. Apart from WHAM's pittance of a rent failing to cover their costs, the stadium's owner, E20 Stadium LLP, has taken legal action against the law firm Allen & Overy over alleged negligence in brokering the deal that granted West Ham a 99-year lease in 2013. This resulted in a reported seven-figure settlement, so the stadium company is basically no longer viable and can't fund the repairs to the temporary roof structure, let alone any more ambitious redevelopment. What happens now? Does the contract WHAM signed get renegotiated? Do they get booted out? Do WHAM have to buy the stadium to make it viable? *grabs popcorn* |
|
|
|
Post by Veritas on Jan 17, 2024 10:37:01 GMT
Interesting analysis here from a West Ham fan: Is West Ham's residency at the London Stadium in jeopardy? | Shocking £232M stadium lossesBasically, the stadium company has announced shocking losses, unsurprisingly. Apart from WHAM's pittance of a rent failing to cover their costs, the stadium's owner, E20 Stadium LLP, has taken legal action against the law firm Allen & Overy over alleged negligence in brokering the deal that granted West Ham a 99-year lease in 2013. This resulted in a reported seven-figure settlement, so the stadium company is basically no longer viable and can't fund the repairs to the temporary roof structure, let alone any more ambitious redevelopment. What happens now? Does the contract WHAM signed get renegotiated? Do they get booted out? Do WHAM have to buy the stadium to make it viable? *grabs popcorn* Oh I do hope so |
|
|
|
Post by J-Roar on Jan 17, 2024 10:52:01 GMT
Interesting analysis here from a West Ham fan: Is West Ham's residency at the London Stadium in jeopardy? | Shocking £232M stadium lossesBasically, the stadium company has announced shocking losses, unsurprisingly. Apart from WHAM's pittance of a rent failing to cover their costs, the stadium's owner, E20 Stadium LLP, has taken legal action against the law firm Allen & Overy over alleged negligence in brokering the deal that granted West Ham a 99-year lease in 2013. This resulted in a reported seven-figure settlement, so the stadium company is basically no longer viable and can't fund the repairs to the temporary roof structure, let alone any more ambitious redevelopment. What happens now? Does the contract WHAM signed get renegotiated? Do they get booted out? Do WHAM have to buy the stadium to make it viable? *grabs popcorn* They'll buy it for a pound. |
|
|
|
Post by Deleted on Jan 17, 2024 10:55:59 GMT
Since it's subject to a 99 year lease with pittance rent it's not saleable. Would need to read the lease, but you'd expect West Ham will need to just buy the freehold, again for a cheap price, and deal with repairs.
Overall they've had a brilliant deal at taxpayers expense and the money they'll need to spend to get the freehold will be nothing compared to the cost of building a stadium from scratch and funding it yourself
|
|
|
|
Post by spoton on Jan 17, 2024 11:15:36 GMT
Interesting analysis here from a West Ham fan: Is West Ham's residency at the London Stadium in jeopardy? | Shocking £232M stadium lossesBasically, the stadium company has announced shocking losses, unsurprisingly. Apart from WHAM's pittance of a rent failing to cover their costs, the stadium's owner, E20 Stadium LLP, has taken legal action against the law firm Allen & Overy over alleged negligence in brokering the deal that granted West Ham a 99-year lease in 2013. This resulted in a reported seven-figure settlement, so the stadium company is basically no longer viable and can't fund the repairs to the temporary roof structure, let alone any more ambitious redevelopment. What happens now? Does the contract WHAM signed get renegotiated? Do they get booted out? Do WHAM have to buy the stadium to make it viable? *grabs popcorn* They'll buy it for a pound. Surely we can buy it for a training ground 😁 |
|
|
|
Post by Laughing Gravy on Jan 17, 2024 11:33:15 GMT
They're not going to be evicted are they?
After all they won the World Cup don't you know?
|
|
|
|
Post by deeside2 on Jan 17, 2024 12:21:28 GMT
Kick WHU out and make them go crawling to Orient to get to ground share Brisbane Road. Then it's to be hoped Orient would tell them to do one.
|
|
|
|
Post by lawrieleslie on Jan 17, 2024 12:22:57 GMT
Since it's subject to a 99 year lease with pittance rent it's not saleable. Would need to read the lease, but you'd expect West Ham will need to just buy the freehold, again for a cheap price, and deal with repairs. Overall they've had a brilliant deal at taxpayers expense and the money they'll need to spend to get the freehold will be nothing compared to the cost of building a stadium from scratch and funding it yourself Maybe spams lawyers foresaw this happening. |
|
|
|
Post by jesusmcmuffin on Jan 17, 2024 12:42:59 GMT
It was the most viable option for the stadium after the Olympics so don't really see the issue with West Ham renting it . I remember Talksport discussing the alternatives on the table and made no sense as far as revenue was concerned.
|
|
|
|
Post by Deleted on Jan 17, 2024 12:47:15 GMT
Since it's subject to a 99 year lease with pittance rent it's not saleable. Would need to read the lease, but you'd expect West Ham will need to just buy the freehold, again for a cheap price, and deal with repairs. Overall they've had a brilliant deal at taxpayers expense and the money they'll need to spend to get the freehold will be nothing compared to the cost of building a stadium from scratch and funding it yourself Maybe spams lawyers foresaw this happening. yep I would have thought so and they'd be congratulating themselves on a good job done for their client |
|
|
|
Post by staffordstokiemad1 on Jan 17, 2024 13:02:23 GMT
It was the most viable option for the stadium after the Olympics so don't really see the issue with West Ham renting it . I remember Talksport discussing the alternatives on the table and made no sense as far as revenue was concerned. I think it was between West Ham and Layton Orient. Layton Orients average attendance is around 8,000, so I’m not sure how they expected it to work. I found the below paragraph Leyton Orient Football Club has settled a dispute with the Premier League over its decision to allow West Ham to occupy the Olympic Stadium. West Ham was declared as the anchor tenant for the stadium in March 2013 and will pay £2m a year in rent. |
|
|
|
Post by dadofsam on Jan 17, 2024 13:08:08 GMT
I was told that West Ham got the stadium thanks to Karen Brady's "close personal" relationship with Johnson.
|
|
|
|
Post by jesusmcmuffin on Jan 17, 2024 13:08:32 GMT
It was the most viable option for the stadium after the Olympics so don't really see the issue with West Ham renting it . I remember Talksport discussing the alternatives on the table and made no sense as far as revenue was concerned. I think it was between West Ham and Layton Orient. Layton Orients average attendance is around 8,000, so I’m not sure how they expected it to work. I found the below paragraph Leyton Orient Football Club has settled a dispute with the Premier League over its decision to allow West Ham to occupy the Olympic Stadium. West Ham was declared as the anchor tenant for the stadium in March 2013 and will pay £2m a year in rent. There was an alternative also as a Wembley type venue , concerts, baseball exhibition games etc which would have in it being used 4 or 5 times a year. I think the Orient thing meant West Ham being in their jurisdiction or similar which went against the rules, can vaguely remember their case at the time West Ham becoming tenants made the most sense |
|
|
|
Post by maninasuitcase on Jan 17, 2024 13:10:49 GMT
Mike Ashley waiting in the wings no doubt.
|
|
|
|
Post by eddyclamp on Jan 17, 2024 13:11:45 GMT
you can`t blame West ham for taking that deal, they must have been rubbing their hands.
Any other club in their position would have done the same including ourselves.
|
|
|
|
Post by Edward Tattsyrup on Jan 17, 2024 13:17:00 GMT
Mike Ashley waiting in the wings no doubt. If Carlsberg did stadium deals  |
|
|
|
Post by a on Jan 17, 2024 13:38:19 GMT
you can`t blame West ham for taking that deal, they must have been rubbing their hands. Any other club in their position would have done the same including ourselves. Agreed, as much as I don’t much like West Ham, what realistically would have happened to the stadium after the olympics? This is the issue with bidding for these events and having no proper plan for the infrastructure afterwards. Hopefully the taxpayer doesn’t get hit with a bill to prop it up. |
|
|
|
Post by Deleted on Jan 17, 2024 13:46:37 GMT
you can`t blame West ham for taking that deal, they must have been rubbing their hands. Any other club in their position would have done the same including ourselves. Agreed, as much as I don’t much like West Ham, what realistically would have happened to the stadium after the olympics? This is the issue with bidding for these events and having no proper plan for the infrastructure afterwards. Hopefully the taxpayer doesn’t get hit with a bill to prop it up. The lease to them could have at least had a clause in to ensure THEY deal with the repairs to the stadium. That's if what is said above is true of course |
|
|
|
Post by Veritas on Jan 17, 2024 15:54:54 GMT
you can`t blame West ham for taking that deal, they must have been rubbing their hands. Any other club in their position would have done the same including ourselves. You can blame West Ham, their Tory Vice Chair stiched up a deal with Tory Mayor Johnson which shafted the tax payer. As usual they don't like public spending unless it is going into their own pockets. |
|
|
|
Post by Veritas on Jan 17, 2024 15:56:45 GMT
you can`t blame West ham for taking that deal, they must have been rubbing their hands. Any other club in their position would have done the same including ourselves. Agreed, as much as I don’t much like West Ham, what realistically would have happened to the stadium after the olympics? This is the issue with bidding for these events and having no proper plan for the infrastructure afterwards. Hopefully the taxpayer doesn’t get hit with a bill to prop it up. What could have happened was West Ham pay a commercial rate for the lease and upkeep of the stadium. |
|
|
|
Post by walrus on Jan 17, 2024 16:01:33 GMT
It was the most viable option for the stadium after the Olympics so don't really see the issue with West Ham renting it . I remember Talksport discussing the alternatives on the table and made no sense as far as revenue was concerned. The issue isn’t that West Ham got it, it’s that they got it with extremely favourable terms at the expense of the taxpayer. |
|
|
|
Post by jesusmcmuffin on Jan 17, 2024 16:04:03 GMT
It was the most viable option for the stadium after the Olympics so don't really see the issue with West Ham renting it . I remember Talksport discussing the alternatives on the table and made no sense as far as revenue was concerned. The issue isn’t that West Ham got it, it’s that they got it with extremely favourable terms at the expense of the taxpayer. Of course but was put the the best and most profitable use by all accounts on a lease ...would the taxpayer be better off if it was used for the odd event every few months, say? |
|
|
|
Post by skip on Jan 17, 2024 16:25:47 GMT
I was told that West Ham got the stadium thanks to Karen Brady's "close personal" relationship with Johnson.  |
|
|
|
Post by skip on Jan 17, 2024 16:27:19 GMT
It was the most viable option for the stadium after the Olympics so don't really see the issue with West Ham renting it . I remember Talksport discussing the alternatives on the table and made no sense as far as revenue was concerned. The issue isn’t that West Ham got it, it’s that they got it with extremely favourable terms at the expense of the taxpayer. Down here at the time, all the pearl clutching from salt of the earth West Ham fans and their apologists was that the People's Olympic Stadium would still get used for lots of other things, not just a football match every fortnight. Self deceiving fools. |
|
|
|
Post by Veritas on Jan 17, 2024 19:14:19 GMT
The issue isn’t that West Ham got it, it’s that they got it with extremely favourable terms at the expense of the taxpayer. Of course but was put the the best and most profitable use by all accounts on a lease ...would the taxpayer be better off if it was used for the odd event every few months, say? No but it would be much better if West Ham paid the going rate |
|
|
|
Post by walrus on Jan 17, 2024 19:14:48 GMT
The issue isn’t that West Ham got it, it’s that they got it with extremely favourable terms at the expense of the taxpayer. Of course but was put the the best and most profitable use by all accounts on a lease ...would the taxpayer be better off if it was used for the odd event every few months, say? No of course not. But West Ham got a hell of a deal and we all indirectly paid for it. That’s why it’s a thorny issue for a lot of people. |
|
|
|
Post by jesusmcmuffin on Jan 17, 2024 19:34:13 GMT
Of course but was put the the best and most profitable use by all accounts on a lease ...would the taxpayer be better off if it was used for the odd event every few months, say? No of course not. But West Ham got a hell of a deal and we all indirectly paid for it. That’s why it’s a thorny issue for a lot of people. Did we pay for it? |
|
|
|
Post by onepara on Jan 17, 2024 19:40:49 GMT
Couldn't the stadium have been shared with Orient? Orient then to sell their ground for income.
|
|
|
|
Post by walrus on Jan 17, 2024 20:53:45 GMT
No of course not. But West Ham got a hell of a deal and we all indirectly paid for it. That’s why it’s a thorny issue for a lot of people. Did we pay for it? Were you a taxpayer circa 2015? |
|
|
|
Post by walrus on Jan 17, 2024 20:56:15 GMT
Couldn't the stadium have been shared with Orient? Orient then to sell their ground for income. Would Orient fans actually want that? They don’t typically sell out their 9,000 capacity ground currently. Them playing in a big bowl of a stadium like that would be awful for the fan. A bit like Darlington when they were getting 2,000 fans in their 25,000 seater stadium. |
|
