West Ham United moved out of Upton Park a couple of seasons ago and moved into the new and swanky London Stadium which was built for the Olympics.
The Hammers are not the owners of the stadium and they merely pay rent to the London Legacy Development Corporation.
But now it seems that the ground’s owners have come out to hit at the Premier club saying that the rent of £2.5 million that West Ham United pay does not even cover the cost of staging matches.
London Legacy Development Corporation’s chief executive Lyn Garner has come out to say that the operating costs of maintaining the London stadium are way too high and on top of that there is a lack of commercialisation.
And all off this adds up to the fact that the London Stadium are facing losses for the next 97 years.
“To be honest, what is really driving the problems here are the low rents paid by the concessionaires, particularly West Ham,” Garner told a London Assembly meeting.
West Ham's rent at their London Stadium "does not even cover cost of staging matches", the ground's owners say.
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“The elephant in the room is the fee that they pay us in a usage cost does not cover the event-day costs, and that’s before we go anywhere near a commercial advantage. It simply does not cover the costs of running the events on a day-to-day basis.
“The stadium is a centrepiece of the legacy of the Queen Elizabeth Olympic Park. It’s really important that we tackle the public subsidy issue over the next few years. There is much to do and many reasons for it.”
The stadium owners tried to find a sponsor for the venue but till now they have not succeeded in getting one on board which could very well mean that West Ham United might be asked to increase their annual rent of 2.5 million pounds.
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