West Ham must pay off over £70 million worth of bank debts before they make stadium move, Hammers Chief Executive Karen Brady has said.

The East London club are due to move into the Olympic Stadium in 2016 following reconstruction work to the arena.

Speaking in front of the Olympic and Paralympic Legacy Committee, Brady said: "We did have a tentative deal for Upton Park but that fell away. We hope the money generated from the sale of Upton Park will be enough to fulfill our commitment and to help pay off some of our bank debt."

The Hammers are set to purchase the stadium for £15 million with an additional annual rent of £2 million.

The Olympic Stadium is set to be busy in the coming years with cricket and athletics also taking place at the ground.

Posted on 24/07/2013