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West Ham United London Stadium update rubbished as Manchester City comparison made
West Ham are reportedly not considering buying the London Stadium, despite reports in the media claiming the contrary.
The Times reported on 27 March, that the Hammers could buy the loss-making stadium which has been their home since they moved out of Upton Park.
However, according to Six Foot Two journalist Sean Whetsone [28 March], it’s not on the cards and a more likely outcome is the model Manchester City operate on with their stadium.
He wrote, “Suggestions by the Times newspaper that West Ham could buy the London Stadium are completely wide of the mark.
“The former Olympic Stadium which is thought to have cost taxpayers up to one billion pounds to build twice and run at an annual loss of £30million so it is practically worthless without any government subsidy which seems equally unlikely.
This is the model that is successfully used by Manchester City who signed a 250 year lease with Manchester Council later buying the naming rights too.
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“City pay Manchester Council a flat fee of £2.95m per year but with performance bonuses that amount reached £5.5m last season. For that money Manchester City get full control of the stadium and naming rights for that sum.”
Makes more sense
Going down the Manchester City route seems the more sensible option for West Ham and it will be surprising if they do anything else.
Buying a loss-making stadium does not make any sense even if they have grand plans to transform it into an all-experience arena.
The best thing to do is lease it and then buy the naming rights which they can sell to a big company and rake in tens of millions.
There needs to be progress shown by the board in taking this club to the next level and that’s not only contingent on league finishes.
Daniel Kretinsky’s arrival brought with it the hope that he would takeover completely and take West Ham to the next level.
However, it’s understood that his plans for the club are something else and the Hammers fans will not have been pleased with that development.