London: No Deal for West Ham’s tenancy. Again…
source: Guardian.co.uk; author: michał
LLDC and West Ham were thought to sign their 99-lease deal today, but despite rumors of an agreement, it’s not happening yet again. Will March be luckier?
As we wrote in early December, another selection of West Ham United as preferred bidders for the Olympic Stadium is far from being the end of the road. Hammers were due to sign their contract with London Legacy Development Corporation in February, namely – today.
Or at least this is what was supposed to happen after the club and investor being said to reach an agreement on annual rent (upped by West Ham) and commercial income share. Signing the contract in March seems more probable now, but this puts the venue’s chances of hosting 2015 Rugby World Cup in jeopardy, as stadium list is also said to be announced in March. If no agreement is reached, than conversion works aren’t guaranteed to end in time for the tournament.
But even if agreement is finally reached between LLDC and West Ham, it’s still not the end. Once the deal is ratified by the LLDC, Newham council's offer to part-fund the £160m-plus conversion costs of a new cantilevered roof and retractable seats still has to be approved, while a special-purpose body, set-up by the council and the LLDC, will also have to formally confirm any agreement.