WEST HAM NAMED AS PREFERRED BIDDER

West Ham United have been given preferred bidder status to become the new tenants of the Olympic Stadium.

League 1 club Leyton Orient, UCFB College of Football Business and a consortium linked to Formula 1 were also in the running for the 99-year lease but the London Legacy Development Corporation named the Hammers' bid as the first choice after a meeting on Wednesday.

LLDC chairman and London Mayor Boris Johnson said: "We had four good bids, as everybody knows.

"It will, if it goes through, mean a football legacy for the stadium but there is still a lot of negotiation to go on between the LLDC and West Ham United about the terms of the deal."

The further negotiations are centred around West Ham's owners having to agree to share the profits from any future sale of the Premier League club, as its value will significantly increase should they move to the Olympic Stadium, which was heavily funded by public money.

The venue, which was housed the main events at the 2012 London Olympic Games, is not expected to reopen before August 2015.

 

Posted on 05/12/2012