West Ham will pay annual rent of £2.5million over the course of their 99-year lease at the London Olympic Stadium.
The Premier League side will move to the venue for the start of the 2016-17 seasons.
There are a number of additional performance-related payments applicable if West Ham achieve a top-10 finish or better in the Premier League – culminating in a pay out of £1m if they win the Champions League.
A payment of £100,000 per match will kick in if West Ham’s participation in cup competitions means they exceed 25 competitive home matches in a single campaign.
Rent would be £1.25m per season should West Ham be relegated from the top flight, with the £100,000 additional match payments becoming effective after 30 competitive games in those circumstances.
The London Legacy Development Corporation (LLDC), which owns the Olympic Stadium, fought a legal battle to prevent the terms of its agreement with West Ham being published after a freedom of information request was granted last September.
A tribunal this week rejected the LLDC’s appeal against the ruling, a decision it will not contest.
Details of the contract with West Ham also show the club must cede the first £4m of any naming rights deal to the LLDC and the London Borough of Newham, with any remaining money to be split between the three organisations.
West Ham have contributed £15m towards costs of £272m of converting the previously athletics-specific arena into a 60,000-capacity venue suitable for Premier League football, while the LLDC will cover all maintenance and running costs once the team moves in – including staff, security personnel, police and emergency services at the facility during all events.
A West Ham statement read: “This publication does not affect West Ham United or our move to the former Olympic Stadium in any way. From our perspective, we welcome the publication of the concession agreement as it proves that, as we have always maintained, the club has nothing to hide.
“Importantly, people can now see that the full revenue streams from which the stadium’s owners will benefit go well beyond the widely-reported payments we have committed to make to the transformation costs and our annual usage fee for using the stadium 25 days a year.”
- Soccer News Like
- Be the first of your friends!