OLYMPIC STADIUM COST RISES

The estimated cost of hosting Premier League football in the Olympic Stadium has risen.

The future of the Olympic Stadium has been a topic of conversation for a long time with many arguments and U-turns. Another arose this week when the estimated cost of converting the stadium to facilitate Premier League football has increased.

Originally estimated to cost the tax payers £95M, an additional £20M has now been added to include internal toilets, a new pitch, corporate hospitality suites, a partial roof extension and a capacity reduction from 80,000 to 60,000.

The London mayor's property arm, London Legacy Development Corp, will open negotiations with four shortlisted bidders next week. Long-time favourites to obtain the stadium's 99-year lease West Ham United will need to fend off interest from League 1 club Leyton Orient, a football university and a consortium hoping to stage F1 at the facility.

West Ham's bid is reported to include a £1.5M annual rent with added income from a naming-rights deal believed to be worth £5M to £10M a year, which would be equally split between the development corporation and the club.

 

Posted on 07/08/2012