West Ham have secured a move to the Olympic stadium, and will be confirmed as its new tenants this morning.
The deal is expected to be announced at a press conference, where details of a revamp with retractable seating will be confirmed. The lease agreement is set to be 99 years.
The revamp will cost West Ham a hefty £150million and they will be able to move in just before the 2016 premier league season. Although, the stadium is expected to be used as a venue for the 2015 rugby world cup.
Negotiations between London Legacy Development Corporation (LLDC) and West Ham have been long and tortuous since the club was named preferred bidders in December, but after months of talks and paperwork, the corporations legal team has signed off the smaller details.
Under the agreement which was signed off, West Ham will be given the stadium for all their matches for the next 99 years, securing their future, but it has also ensured that the club have no property interest in the facility and the deal will protect public interest should West Ham’s owners sell the club with the LLDC expected to make a significant cut.
The LLDC will make no money off West Ham games, however they will make money off other events, such as music concert, and there will be a legacy for athletics as a number of events will still be held there as the retractable seating will allow for both football and athletics to take place.
Leyton Orient chairman Barry Hearn, still has not given up on matters, and will still be seeking a judicial review into the bidding process.
Hearn thinks that if West Ham move so close to Leyton Orient it could damage his clubs future and put them out of business. But Sports minister Hugh Robertson is not concerned.
“That is one for Boris [Johnson] but I am told that all the legal advice is that the review is likely to fail,” he said.
