West Ham United will today find out if their Olympic Stadium proposal has been successful but the Hammers’ look set to be named preferred bidders.
Talks on securing a deal that would allow West Ham to be named as the preferred bidders are expected to continue right until the start of tomorrow’s meeting of the London Legacy Development Corporation board.
The Hammers’ latest offer is believed to be a £15m up front contribution, a £5m improvement on the original offer, as well as rent of £2.5m-a-year and £6m-a-year income for the LLDC from revenue from stadium naming rights and catering.
West Ham United Blog reported last week that sources close to the deal remain hopeful that an agreement will be reached that covers a funding gap of around £20m for the retractable seating, with West Ham United and Newham Council already putting in £20m to bring the cost down from £40m.
West Ham United are one of four bidders hoping to be chosen as the new tenants of the Olympic Stadium, which has already cost £486m so far and has been vacant since hosting the closing ceremony of the Paralympics in September. The other bidders are League One side Leyton Orient, a football business college and a proposal to bring Formula One racing to the Olympic Park.
In other Olympic Stadium related news, London Mayor Boris Johnson is seeking assurances from West Ham owners David Gold and David Sullivan that they will not be looking to sell the club on after moving into the Olympic Stadium or prepare to share the profits if they do as he believes West Ham will be a far more valuable club if they do indeed move in to the Olympic Stadium.
UPDATE:
West Ham have now been announced as the preferred bidder, read the clubs statement here.
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