West Ham set to be preferred bidders

West Ham are expected to be named as the preferred bidders for the Olympic Stadium later today.

Last Updated: 05/12/12 at 13:02 Post Comment

West Ham are expected to be named preferred bidders for the Olympic Stadium today even though a final agreement over costs may not be settled.

Talks on securing an agreement deal that would see the Hammers named as the preferred bidders were expected to continue right until the start of Wednesday's meeting of the London Legacy Development Corporation (LLDC) board.

Senior sources on the board have told the Press Association they remain very hopeful that an agreement will be reached despite a funding gap of around £20million.

Discussions have been taking place between the Government, the London mayor's office, LLDC chiefs and the club to try to come up with a plan agreeable to all.

If West Ham are named as preferred bidders it will be a major step towards the club becoming the stadium's tenants.

Preferred bidder status will not involve the signing of any contracts but will put the club in the driving seat to securing a new home under a 99-year lease.

The funding gap for converting the stadium into a football ground with retractable seating over the running track has been narrowed from £40million to around £20million after West Ham and Newham Council agreed to put in more money.

There have been efforts to secure the final outstanding cash with approaches to the Treasury and the London mayor's office.

Even so, the total cost will be at least £160million and one potential sticking point is who would underwrite any possible increases in construction costs.

The Hammers are one of four bidders hoping to be chosen as the new anchor tenant for the Olympic Stadium, which has cost £486million so far and has been vacant since hosting the closing ceremony to the Paralympics at the start of September.

The Premier League club are competing against League One side Leyton Orient, a football business college and a group keen to bring Formula One racing to the Olympic Park.

West Ham's latest offer is believed to be a £15m upfront contribution, a £5million improvement on the original offer, as well as rent of £2.5m a year and £6m-a-year income for the LLDC from revenue from stadium naming rights and catering.

The LLDC confirmed this month that the stadium will not re-open until 2015 at the earliest and possibly the summer of 2016 - which would be two years later than expected.

The delay was branded "a farce" by UK Athletics chairman Ed Warner - his organisation had planned events such as Diamond League meetings, trials and school competitions from 2014 and is hosting the 2017 world championships.


Click here for completely free £10 bet with Sky Bet & £5 free every week


Related News

Most Commented

Readers' Comments

P

arish is the man to blame for this shambles. Pulis must be chuckling into his left over turkey sandwich. I pray this doesn't mean the Neil Warnock media machine will kick in now and he'll be back on the telly box.

magicfuller
Warnock sacked by Palace

W

e almost found a new way to lose, just when I thought it was getting boring Giroud does that. Although Arsenal are deservedly called 'soft' the entire midfield is out injured. Still must admit MU are managing to win despite a similar raft of absentees. Think the Gunners have good players but poorly coached.

gettalong
Wenger: Giroud deserved red

I

really enjoyed this. Thanks F365 for another year of work avoidance - happy Christmas.

megabrow (cufc)
Our Person Of The Year: Alan Pardew

Footer 365

Paul Lambert: Aston Villa's new style here to stay despite lack of goals

Paul Lambert is sure the goals will come for Aston Villa if they persist with their current style of football.

Bobby Zamora tells QPR to give Charlie Austin a new contract

Bobby Zamora has told QPR to sort out Charlie Austin's future before his goals attract bids from elsewhere.

Jose Mourinho: It's only a matter of time before John Terry gets new contract

John Terry will definitely stay at Chelsea beyond the end of his current deal, Jose Mourinho says.

Mail Box

Van Gaal's Half-Term Report Card...

One Man United fan isn't happy with the rate the team is progressing under Louis van Gaal, while the mailbox also wishes Liverpool fans a Merry Mid-Table Christmas...

Hang On, Rafa's Success Is No Fluke...

The afternoon mailbox kicks the morning mailbox's arse after claims that Rafa Benitez has fluked his success. Plus, big talk about Liverpool's progress and lots more...

© 2014 British Sky Broadcasting Ltd. All Rights Reserved A Sky Sports Digital Media property