Sadiq Khan blocks West Ham United stadium deal despite haemorrhaging money
Sadiq Khan has blocked West Ham from buying the London Stadium despite each match costing London taxpayers £500k, according to The Times.
The Newspaper reported on 7 August that the owners of the stadium lost £20.9million in the last financial year relying on taxpayers to cover the shortfall.
Running costs of the arena compared to the income received from the Hammers and athletics means the value stated by the London Legacy Development Corporation is only £910k.
West Ham are believed to be “open to buying” for “the right place” but the London mayor, Khan has blocked the possibility.
West Ham London Stadium purchase blocked
The stadium situation for the Hammers has always been one of controversy since they moved to the Olympic Stadium.
There are positives and negatives on both sides but after the demolishing of the Boleyn Ground, they are stuck where they are.
Because the stadium was constructed for the Olympics in 2012, the council and its taxpayers are the ones covering the general running costs.
This is a positive for the club’s finances but does give them less freedom when it comes to events being held at their home during the summer.
Events such as athletics, MLB and monster truck rallies have been held at the London Stadium but the Hammers won’t benefit financially from that.
With the news that taxpayers in London are forking out £500k per game to keep West Ham’s home running there may now be some uproar against this.
If Khan wants to block the move then it remains to be seen what can be done against his wishes.
In other West Ham news, Hammers target Youssouf Fofana has had his priority transfer shared.
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