West Ham secure deal for Olympic stadium
The Government’s increased aid of an extra £25m means that West Ham United have secured the right to move into the London Olympic Stadium. The increased funding from the public treasury takes the total contribution from the government to £60m approx.
However, the deal only went through after West Ham themselves increased their funding for the stadium to £15m, a £5m increase adding to the £2m that the Hammers will pay as rent every year for the privileges of calling the ground their home.
The club has reportedly signed a 99-year lease with the London Legacy Development Corporation, which will see the seating capacity of the stadium decrease from 80,000 to 60,000 with retractable seating. It would allow the stadium to host athletics meet as well in the future. The stadium will play host to 2017 IAAF World Athletics Championships.
The Hammers will move from their current Upton Park ground in east London from August 2016.