West Ham Up Olympic Stadium Bid
Fri 22nd Mar 2013 | Football Stadiums & Facilities
West Ham have secured their tenancy of the Olympic Stadium after an extra £5m towards the cost of converting the venue was agreed.
It’s thought the cost of converting the Olympic Stadium will be up to £190m with West Ham agreeing to increase their own funding of the project by £5m, to £15m.
An extra £25m has also been pledged by the government to cover the cost of the conversion with the rest of the money drawn from a range of sources, including London Mayor Boris Johnson's budget, a £40m loan from Newham Council and around £20m of borrowings by the London Legacy Development Corporation (LLDC).
However, West Ham are not expected to move in until August 2016 and will pay around £2m a year rent.
The conversion plans will see the roof extended and the seating capacity reduced from 80,000 to 60,000, with a retractable system allowing the venue to be converted from an athletics arena to football stadium within days.
Conversion work will be undertaken by the LLDC and is expected to be complete in time for the Rugby World Cup in 2015.
West Ham were nominated preferred bidders in December 2012, but have faced strong opposition from Leyton Orient Chairman Barry Hearn, who is seeking a judicial review of the decision.
Posted by: Aaron Gourley
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