Feels like deja vu, when we see LLDC select West Ham United as preferred bidder for the Olympic Stadium. But again both sides need to agree on tenancy terms and to date there have been many differences.
During yesterday's board meeting of the London Legacy Development Company (LLDC) members announced that West Ham United are, as expected by most commentators, the preferred bidders to claim Olympic Stadium's 99-year tenancy.
Though this may seem like a breakthrough after months of delaying procedures, it's not necessarily one. One one hand it's official that 'Hammers' are the only ones able to build upon the 60,000-seater (after expected redevelopment). But on the other, LLDC and West Ham are still far from reaching a satisfying deal.
According to yesterday's revelations, the club now have 3 months to reach an agreement with LLDC. The Legacy company expects significant West Ham's financial contribution into the redevelopment. Moreover, the company wants to get hold of naming rights and matchday money. Perhaps most controversially, LLDC demands share in future sale of the club by its current owners.
West Ham on the other hand aren't keen on participating in the reconstruction works to the extent expected, nor are they willing to split profits.
'Hammers' assume their tenancy will increase the Olympic Stadium's value and make best use of the entire Olympic Park. LLDC on the other hand claim they're doing West Ham a favour as the club's value is said to grow once they move into the new venue in 2015 or 2016. Both sides try to get their leverage, but so far ongoing talks haven't been successful. Will this change by February 2013?