Is West Ham's residency at the London Stadium in jeopardy? | Shocking £232M stadium losses

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Was the deal of the century too good? Is West Ham's residency at the London Stadium in peril? 💼 Explore the brewing concerns around taxpayer subsidies and the financial strain caused by onerous contracts.
In this eye-opening update, we delve into the financial intricacies of West Ham's stadium deal and the potential ramifications for both the club and the taxpayers. Discover the shocking revelation that the stadium's owner, E20 Stadium LLP, took legal action against the law firm Allen & Overy over alleged negligence in brokering the deal that granted West Ham a 99-year lease in 2013.
The fallout from this legal dispute resulted in a reported seven-figure settlement, shedding light on the questionable aspects of the initial agreement. The London Stadium's financial woes are further highlighted by the revealed revenue of £6.3m for the last year (to March 2023), with £4m coming from West Ham in rent. However, the operating loss of £11.5m raises serious concerns about the sustainability of the current arrangement.
E20 Stadium LLP's accounts disclose an exceptional one-off revenue of £8.5m due to legal disputes with West Ham and Allen & Overy. Despite this, the fair book value of the London Stadium is listed as nil, rendering it essentially worthless as an asset. Unravel the complexities as E20 Stadium LLP grapples with a £90m loan and accrued interest owed to LLDC.
Furthermore, ominous provisions in the accounts hint at future losses amounting to £232m, stemming from onerous contracts with both West Ham and UK Athletics. As the financial storm brews, the crucial question arises: Could London Mayor Sadiq Kahn seek to have West Ham removed from their cherished ground?
Stay tuned for updates on this unfolding saga that could reshape the future of West Ham's residency at the London Stadium. 🏴󠁧󠁢󠁥󠁮󠁧󠁿⚽ #WestHam #LondonStadium #TaxpayerConcerns #FootballFinance #LegalDispute
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19 июн 2024

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Комментарии : 408

@rogercooke4589 5 месяцев назад

Despite some great one off nights particularly in Europe I generally hate the place - soulless, a pain to get to,a nightmare to get away from,too big ,too far from the pitch,looks like its made of lego,I could go on 😂

@A-se2ur 5 месяцев назад

You could indeed go on Roger. I think that’s an indictment shared by a majority of those who attend the Stratford stadium!

@andyimp2274 5 месяцев назад

Can't stand the Bowl, let's hope they build a new fit for purpose stadium next door.

@davidclerihew3539 5 месяцев назад

& charge us all £1,000+ for our season ticket like Arsenal & Tottenham?

@simplespanish2031 5 месяцев назад

Or in Essex close 2 the support base

@Poikka65 5 месяцев назад

@@simplespanish2031 not going to happen

@Poikka65 5 месяцев назад

And who's going to foot that bill ? They moved to this place was because its cheap . Can you really see sully funding a new stadium build

@lewisdowsett8390 5 месяцев назад

@simplesimon2031 yep I always thought the site near arena essex in thurrock was ideal

@mathewsherreard487 5 месяцев назад

Like them or not. Ownership pulled a blinder. We are in for the duration. It will cost the Mayors office a shed load too get us out.. (Maybe a new Stadium. Or at least. A very cheap fix me upper.?) And know the club has shown it can fill 65000+. Scaling down ain't an option.

@jamonit7169 5 месяцев назад

Surely you meant to say it will cost the London taxpayers a shed load!

@alex-E7WHU 5 месяцев назад

@@jamonit7169Harringay residents to pay double 👍

@philwill0123 5 месяцев назад

17.5m on the whole year. If its the whole year, thats not west hams issue as tenants for 26 days a year. This looks like them losing out on anticipated sporting events and concerts because covid/ Tottenham stadium. The irony after Tottenham and Leyton Orient stopped a west ham sale, Tottenham stadium stop the LLDC from making extra revenue

@DavidRichards-qj3fg 5 месяцев назад

Gonzo, as mentioned before on this channel: (1) it is almost impossible to develop housing on the Island on which the stadium sits due to the former NHS radioactive waste store below that was not fully cleared as originally intended prior to the Olympics - It would cost a fortune to clear up making development prohibitive (2) of course the club could afford c. £20m p.a. confirmed running costs going forward if the stadium was handed over to them for £0 but (3) the stadium 'rebuild' after the Olympics was done on the US stadium build model which means it is designed to be refurbished every 10-20 years so I doubt your figure of £232m includes the regular refurbishment costs - Interestingly Arsenal's new stadium has the same build model and the same issues with roof etc so they are in a similar situation and (4) a new 50,000 seat stadium would cost c. £1Bn so there's no way LLCD etc would pay for that. The only solution IMHO is the stadium to be handed over to the club, who knock it down and build a new stadium on the site with some support from LLDC.

@mooseing22 5 месяцев назад

That's really interesting. I never knew about any of that at all.

@leonbell5141 5 месяцев назад

What a waste of taxpayers money blame Khan 🤦🏾‍♂️

@madMARTYNmarsh1981 5 месяцев назад

I'm a Spurs supporter... I come in peace!! Why would it cost £1bn to build a new stadium, mate? Our gaff only cost around £450mn (between £447mn and £452mn. Which is a huge difference to me) to build. The entire project cost £1bn, but there was a lot of stuff built that isn't strictly necessary. I miss the Boleyn Ground. I hated going there in the best way. It was never friendly, nerves set in every morning . The league misses grounds like that. They're all a bit consumer friendly now.

@philwill0123 5 месяцев назад

@@leonbell5141 khan? Where the hell you get that from? This goes back to Boris as mayor, or did you conveniently forget that because "political aliegence"?

@CharlieBubbles264 5 месяцев назад

Before West Ham got he stadium, I believe Levy made a bid to knock the Olympic stadium down and rebuild a proper football stadium. It was dismissed by the Olympic Committee because of the ridiculous athletics legacy issue. Perhaps he was right after all @@madMARTYNmarsh1981

@obsidiancurse429 5 месяцев назад

The first thing they would have done is check the contract for loop holes mate, the fact they have had to sue their own solicitors would have been a last resort and suggests it is air tight. Karen is a very smart cookie and knows the right people, the brightest and the best go into the private sector, it’s where the real money is, the people that work in the public sector ain’t the best, most are plodders compared to their private sector counterparts, I’m not surprised Karen pulled their pants down. At some point the city of London are gonna have to cut their losses and either give us the stadium or give us an awful lot of money to tear up the contract and go away.

@edwardforster281 5 месяцев назад

I have always said that KB had them over the table. "Smartest brains in the country" shafted by "a bimbo with no brains," (according to some WHU fans) !!!!

@jaycee3958 5 месяцев назад

More than happy for them to build us a new Boleyn Ground for 50k fans next door, based on the original model but upgraded & modernised.

@davidclerihew3539 5 месяцев назад

I bet u would be but why would Sulli spend £1bn building a stadium when he already has one? Not to mention how happy you’ll be when your season ticket goes from £300 to over £1,000 like Arsenal & Tottenham.

@HammersofSTEPNEY 5 месяцев назад

My season ticket costs me £1400 quid . The idea that all west ham season tickets are cheap is nonsense.

@paulbutler7075 5 месяцев назад

If the deal is as watertight as it appears then the lldc haven't got a leg to stand on. Their only option is to walk away and give the stadium to West Ham, why would West Ham except anything less? The lldc aren't in any position to dictate terms

@davidclerihew3539 5 месяцев назад

@@HammersofSTEPNEY true but not everyone sits in the 1966 & our average is less that £500 (less than half of Arsenal or Tottenham) & a big part of the pricing structure is how cheap the rent is & how big the stadium is. If Sulli was to build a new stadium it would be in his benefit to build something much smaller & hike the ticket prices rather than building a 60,000 capacity (30,000 capacity but 2.5x the tickets will save huge money on construction costs & ensure there was plenty demand for expensive match day tickets).

@helenludlow2331 5 месяцев назад

@@HammersofSTEPNEY at the Boleyn in the last year I paid £630 for my band 4 ticket, my first year at the LS it was £499 and this year it has finally caught up at £632 so I feel I've had value for money - try a different band and save money

@gerrycollins2335 5 месяцев назад

A bad deal is still a deal. The obvious way out of continuing losses is for E20 / LLDC is to sell the stadium. West Ham's long-term lease would be a major hindrance to any potential buyers. West Ham would obviously be in prime position to buy at a knocked-down rate, or if it was still too expensive for the club, by accepting investment from, or selling the club to, someone who could afford it. This is probably the future that Sullivan/Gold/Brady had in mind all along.

@hmq9052 5 месяцев назад

Any sale comes back to the UK taxpayer.

@WHU973 5 месяцев назад

Blame Tottenham and Leyton Orient. The original deal meant west ham had to pay for everything.

@hmq9052 5 месяцев назад

@@WHU973 Paying rent is not the same as the UK taxpayer building the fkn thing. You have no right to be there at all.

@WHU973 5 месяцев назад

It's in Newham dopey . And before you say orient remember they were Clapton orient. They moved closer to west ham in the late 1930s .

@WHU973 5 месяцев назад

Whoever you support. I suspect Tottenham don't you hate arsenal for moving closer to you . Yet wanted to do the same to west ham .

@dom.b1972 5 месяцев назад

I just wish we’d move to a new custom built stadium. We need fans right round the pitch on all 4 sides. Creating an Upton Park/chicken run intimidating atmosphere. Being held to ransom by all concerned with the LS is b*****ks. No home games on Boxing Day because of the Westfield is a joke.

@lewisdowsett8390 5 месяцев назад

Absolutely 💯

@andrewquinn2777 5 месяцев назад

Surely a contract is a contract, Gonzo? Even if the LLDC’s legal team was negligent, the contract was created and signed off. I don’t think it gives LLDC the option to terminate.

@kevinw1129 5 месяцев назад

Allen & Overy are one of the largest and most respected law firms in the country. I'm surprised they negotiated a contract that was so favourable to West Ham and not to their client.

@raygreenfinger 5 месяцев назад

The lawyer was a hammers fan COYI

@carpetsrugsandupholstery 5 месяцев назад

Bits not what you know it's who

@aidanmagill6769 5 месяцев назад

The stadium was always a white elephant. They'd be losing even more money if they had no tenant.

@iandonald7551 5 месяцев назад

@@aidanmagill6769 When Tottenham initially tendered for the stadium, their plan was to knock it down, start again and as the legacy requirement, redevelop the Crystal Palace athletics arena. At the time this was seen as heinous and Philistine but it was the best idea. Now there is an athletics arena being manipulated to try and make a football stadium

@johnthompson457 5 месяцев назад

@@iandonald7551glad spurs didn’t get it. Stratford hotspur sounds stupid.

@summercoat 5 месяцев назад

I’m pretty sure Khan had his legal eagles go through the contract with a fine tooth comb a couple of years ago, to try and find a way out, but a couple of months later came out slagging off Boris Johnson for being so stupid. So, I think the contract is as air tight as was said after it was signed.

@user-ed9iz3ne4f 5 месяцев назад

WE NEED New Owners⚒

@OCONNER-oj3xg 5 месяцев назад

And a new stadium ⚒🏴󠁧󠁢󠁥󠁮󠁧󠁿⚒

@mattpryokra2245 2 месяца назад

Give those Qataris a knock on the door. I think at one point they were interested in you guys as Man U takeover failed 🙃

@rogeredmunds5806 5 месяцев назад

The perfect solution would be for Manchester United to move closer to their fanbase and groundshare with West Ham. Old Trafford really is "falling down". It can't be far off the time when Trafford Council refuse to issue a safety certificate. This simple solution could work well for both clubs (and get The Rags out of Manchester ! ) CTID.

@Andrew-xs1sg 5 месяцев назад

You’ve not kept up with the research last survey showed 75% of regular fans attending were from Greater Manchester. Perhaps the bitters could play some games there after they follow their oil facist masters to the emirate?

@gary1642 5 месяцев назад

Everton received a 10 pt deduction over a £18m overspend over 3 years due to loans for their new stadium. How is West Ham being given a stadium for a pittance a level playing field?????

@Mark-mo6gt 5 месяцев назад

I’m an Everton fan and I say good luck to West Ham What is happening to us is down to Moshiri and Premier League I don’t wish bad things for West Ham and their supporters COYBs

@marcothorsen950 5 месяцев назад

The Premier League is obviously corrupt..

@helenludlow2331 4 месяца назад

What the same as Man City as they were given their stadium for a pittance also but you deem to only condone West Ham

@Mark-mo6gt 4 месяца назад

@@helenludlow2331 Hi Helen The conversation was about West Ham and their luck, fair play to City if they got their stadium as a bargain too. It would have been great if Everton had access to a bargain stadium but that didn’t happen… Aside from this if City have are found guilty of breaking premier league rules then hopefully they will be sanctioned too and in line with what happened to us…

@gary1642 4 месяца назад

@helenludlow2331 this is a West Ham video, that's why I didn't mention City. Incase you aren't aware Everton were considered when Man Citys owners bought the club in 2008. Everton had a much stronger team under Moyes than City at the time. The only reason City were chosen over Everton was due to Everton needing a new ground. City had just been handed one for a PITTANCE. Now I've had a go at City I hope you're happy. I hope I haven't left anyone else out.

@alexlanemusic 5 месяцев назад

Hate the stadium anyway. Look at what Tottenham and Everton have done/are doing. So jealous and no scaffolding in sight.

@chesterdonnelly1212 2 месяца назад

No one should be jealous of Everton. They're on thin ice with massive debt and losses.

@chesterdonnelly1212 2 месяца назад

No one should be jealous of Everton. They're on thin ice with massive debt and losses.

@markblondrage2776 5 месяцев назад

Apparently I heard that part of the tenancy is if they want us out before the lease runs they need to provide us with an area to build or another venue, it would be in their interest to sell us the stadium at least they ain’t got another overhead on their books so we could get a deal, however they have said there’s no guarantee we could buy it as it’s a public building it needs to go out to tender 😱

@philc4661 5 месяцев назад

"London doesn't have enough money" 🤣 Partially completing 500 infrastructure projects is 499 partially complete projects more than every other city in UK!

@kenleach7822 5 месяцев назад

West Ham currently have a 60 thousand + capacity why would they want to go down to a smaller stadium of 50 thou its a backward step.

@lewisdowsett8390 5 месяцев назад

Because 10 thousand of them in there are fucking tourists who couldn't name one of our players

@whufc-essex 5 месяцев назад

Only about 40k are real fans, we get 22k tourists every game It's better to have a smaller stadium with real fans than a rented athletics track with a popcorn munching nonces making a dead library atmosphere

@MC24DB 5 месяцев назад

Can't say I would be disapointed if we ever left that library of an athletics stadium.

@paulgrayson8799 5 месяцев назад

Liverpool fan here, this is a fascinating discussion. Always liked West Ham.

@brendo5876 5 месяцев назад

If someone wants to void a contract that they previously signed, then they need to prove in a court that they were at a significant disadvantage in signing it, such as lack of capacity, being subject to coercion, mistake or misrepresentation. I am not convinced that they will be able to prove any of these, so the contract will stand. The best the government entity can do is to work out some deal to reduce their losses by re-negotiating the contract to the Hammers' agreenent or selling off the surrounding land as suggested by Gonzo.

@iancarvell9926 5 месяцев назад

All so Sullivan could sell Upton Park and make a fortune,should have stayed put and redeveloped the stadium

@jonathanboice 5 месяцев назад

@Gonzo I agree with the concern I have also been worried for a while. But there is a couple of data points needed for comparison and what is the running cost of equivalent stadium, I remember a while reading it’s in the same region £25 £30m per year. Upton Park would have been about £15m so that is not a West Ham thing that is an LLDC issue if we are in it or not, unless they want to take it down and build flats as you say. Upside their is an opportunity for someone new to take it over now, see the 02 for example if combined with a take over would make sense.

@Ironz89 5 месяцев назад

We should get out that shit hole if we can it’s not fit for purpose the atmosphere is dreadful no pubs close by or a supporters club it’s a dreadful day out for football which is why I don’t go anymore. Hopefully we get new owners sometime soon and get a new stadium built back near our old home or Plaistow way that would be a dream for me and I can go and watch the club I love again.

@carpetsrugsandupholstery 5 месяцев назад

As a business man I've always said that the board are waiting to be giving the stadium and probably after the roof is fixed.And just as a side note the Eiffel tower was a temporary structure built in 1889

@WGK90 5 месяцев назад

Have a look how many times it's been rebuilt pal, it's basically new by this point

@mammal1988 5 месяцев назад

Triggers broom lol

@stevesretroloft 5 месяцев назад

I remember a time (when the board were at Birmingham) when Sullivan moaned about Man City being given a stadium by the local council - seems eventually he'll get one for free as well.

@philwill0123 5 месяцев назад

@@stevesretroloft difference is a) the Saudis could build/ pay full price with pocket change b) it was purpose built. No commonwealth "legacy" to argue with. Thanks Lord Coe.

@Porkcylinder 5 месяцев назад

Yes and had to be completely rebuilt

@user-ed9iz3ne4f 5 месяцев назад

None of us should be surprised by this as dodgy deals are what our owners do ⚒⚒⚒⚒⚒

@carpetsrugsandupholstery 5 месяцев назад

Lucky for us then

@WGK90 5 месяцев назад

Shut up

@Top_Gnana 5 месяцев назад

The London stadium ain’t the best for a thriving footie atmosphere that’s for sure. I’m thinking this could all work out in the best way possible - with us gaining a stadium that is genuinely fit for the purpose of our great club. 🤞🤞🤞🙏🙏🙏

@grahamwood9428 5 месяцев назад

In summary because of the 99 year lease agreement the only buyer would be the football club. No one else would touch it with a barge pole as its a toxic deal. West ham could offer a silly price and it would be accepted. Whoever negotiated for the council should be investigated for corruption as the "deal" for the taxpayer is horrendous.

@stevehaddon151 2 месяца назад

Good old Boris Johnson

@HammersofSTEPNEY 5 месяцев назад

People seem to forget the LLDC gets all the money from everything sold in the stadium. I remember Sullivan saying it was close to 15m a year at Upton park for the catering rights .So god knows how much there getting at this stadium.

@gloryboy61 5 месяцев назад

The catering money goes to the contractual provider not the LLDC

@richardgoddard37 5 месяцев назад

Thank god they turned down Spurs' bid, it was a blessing in disguise😂

@leewoodard5871 5 месяцев назад

She didnt out negotiate them, we were the only option. Spurs had pulled out and the stadium had no other options. When that is the case, you can name your price. The real issue was in the original design and build when they decided for costs purposes, to not build it to be 'ready for football' after the Games had finished.

@thebobman69 5 месяцев назад

It's weird they didn't just let levy buy the plot and build his stadium like he wanted. Would have been good for the area to with events and such

@evophantom 5 месяцев назад

They didnt want to sell it to Levy because he would not keep the running track, so there would be no "legacy". Negotiating a one sided deal like this really lacks foresight, even if the taxpayer just gave west ham the stadium they would still probably be required to keep the track.Then West ham would be on the hook for rhe costs of maintaining a stadium which is not really fit for purpose. But perhaps a deal that worked for the taxpayer, the Olympic legacy and the hammers was just not possible with the stadium as it is.

@thebobman69 5 месяцев назад

@@evophantom the running track is barely used now, just a couple of nothing events a year. And not much legacy.... It just made no sense to keep the stadium,and if the plan was to keep it, a roof and plans should have been made from the start. all in, that stadium probably cost the tax payer aboutr a billion or so pounds now.

@evophantom 5 месяцев назад

@@thebobman69I am certainly not suggesting this was the correct course of action, merely stating why the rejected Levy's plan. Everyone knew the "legacy" aspect was a mess, a football stadium which is suboptimal for football and a running track with limited availability. Which needs expensive reconfiguration to switch between the two. Levy is basically being proved right at this stage. The whole thing has been a complete mess from start to finish and those involved should be held accountable.

@thebobman69 5 месяцев назад

@@evophantom absolutely. there is a trend of this legacy aspect being complete bull crap even prior to london, they clearly got too wrapped up in their own proclaimed bs and thought they could achieve something different. It would have been far cheaper to just knock it down. Ha yes the reconfig costs for each event is the cherry on top lol. I can almost garentee noone with any actual experience relevant experience had any input in future planning.

@johncook691 5 месяцев назад

Maybe the LLDC allow the stadium to fall more into disrepair so much its doesn't get its safety cert and WHU are told to help fund repairs & msintaince or the stadium stays shut

@Mikes_Travels 5 месяцев назад

I just hope with this temporary structure that it is regularly inspected to prevent any potential future disaster from happening eg structural collapse ! Hopefully no corners are being cut if they are looking to save money

@80WESTHAM80 5 месяцев назад

The taxpayers need to thank Spurs and Orient. We would have maintained it ourselves if they didn’t open court cases.

@stevemarks9360 5 месяцев назад

You mean, you wanted to be given a stadium for free! Two bob club in a council house!

@helenludlow2331 5 месяцев назад

@@stevemarks9360 what like Man City who were gifted their stadium⚒

@dubiousplantdiet 5 месяцев назад

It's nothing to do with Spurs or Orient , and your original deal was still a begging bowl deal sharing with athletics

@mikelaw6153 5 месяцев назад

Orient wanted the same deal as west ham. Tottenham wanted to buy it knock it down, rebuild a proper football stadium and build an athletes stadium across the water. There was a public outcry regarding leveling the stadium and concern about some legacy thing to Tottenhams proposal . The deal has nothing to do with the other clubs. However....... I do believe that the stadium hasn't just be handed over to west ham because Daniel Levy and Barry Hearn will be circling

@tonypap1 5 месяцев назад

I’ve often thought why has it taken so long to get a good stadium sponsor given the stadium’s location, its history and its tenants. Just maybe…… prospectors are having independent evaluations carried out which are returning with “don’t touch it with a 2 mile barge pole”? I’ve also scratched my head as to why there isn’t a constant queue of prospective buyers for the club (aside from the dribs and drabs we’ve seen). Again….. is it the stadium situation that’s putting would be buyers off? This is a great video mate and you’re bang on….. this is a huge ongoing development that doesn’t grab the short-term sexy headlines like player transfer gossip. But, it’s the early rumblings of a magma chamber that’s going to rumble more violently over the next few years and may well erupt in a giant explosion under our very feet….. literally !

@barryholman2645 5 месяцев назад

A contract is a contract. WH have a 99 year lease and the landlord has to meet their liabilities ie fund what they have contracted for. Probably The landlords best option may well need to be to give WH ownership of the stadium, and possibly as a sweetner, the accompanying land area, for £1. Now that might well inflate Sully's share price, and new owners ????

@victorking4233 5 месяцев назад

If you have a 50,000 stadium we’re are the rest going ⚒

@MelHumphreys-gy8bv 5 месяцев назад

The operating costs are higher Because of the obligations to athletics. These will be considerably lower if WHU take over and are relinquished from the obligations to change the stadium to athletics mode?

@SCoeSimRacing 5 месяцев назад

Getting the better of the government doesn't really seem like an impressive thing to me 😂

@aidanmagill6769 5 месяцев назад

Easy pickings but a win is win.

@benarnold3565 5 месяцев назад

Surely we must be in a good position to negotiate a low price for buying the stadium outright

@5ebra1 5 месяцев назад

Tax payers subsidising West Ham. This has to stop and they should pay the going rate or move out.

@johnhorgan9295 2 месяца назад

Salty Tears...

@ingmarsen 5 месяцев назад

The thing is you're praising Karren Brady but I remember at the time they were so desperate to get tenants in to the stadium , the Mayor's office and LDLC virtually gave it to West Ham !

@paullucas3684 5 месяцев назад

UK Athletics has already moved to Alexander Stadium in Birmingham Gonzo. I think there was a financial inducement from LDDC.

@gloryboy61 5 месяцев назад

UK athletics are selling tickets for the London Stadium for the meeting on 20th July this year

@PaulLucas-iv3oe 5 месяцев назад

I'm sure that is the case Glory Boy. UK Athletics Headquarters is now based at Alexander Stadium in Birmingham ahead of completion of the deal. I'm sure a smaller stadium can developed using the athletics track next door to keep a London presence and secure the Legacy requirements. But thanks for reminding me of that.

@ryanlee.3913 5 месяцев назад

Morning gonzo.. what a great video with some insights. To start with none of us know exactly what’s been done and what hasn’t we only hear bits and pieces from various sources not to say they are wrong or right. Ideally would it not be beneficial for West Ham to pay off uk athletics or assist them with moving out of the LS and leave just us to deal with whoever is in charge of the running of the stadium. Once it’s just us then the running track can be taken out and new stands suitable for football can be fitted in and possibly make our attendance higher that would add extra revenue. But by doing this we need as a club ( I know we shouldn’t have to) take control of the stadium and if it means paying a bit more rent and paying for refurbishment of the stadium but also having no one to answer too. It might cost us a few £ but at the end of it we will have a suitable stadium that’s fit for purposes, fans that are happier and extra revenue coming in. Maybe it might mean we have to cut down on transfers budgets for two or 3 seasons but in the long run it would be beneficial for the club in a whole 🤷🏻‍♂️

@johncooke8173 5 месяцев назад

I read the other day, that football finance fella you’ve had on before said, the stadium is worthless for all the reasons you outline. But that leaves one interested party, West Ham. My summery is the club will be paid to take the stadium on because it stops a mounting debt for the Mayors office and solves a problem he will want to offload quickly, blaming Boris and his buds on our board for taking advantage of the public purse again. All concerned know the winds are changing and therefore it is reaching decision time and for those reasons it becomes political which will focus minds on a resolution.

@PhantomsRugby1 5 месяцев назад

The issue with the losses is largely created by moving the seats around over the Summer for Baseball and Athletics...get rid of both, make the seats permanent and tout for as many concerts, prestige football games and rugby matches as possible...also pass ownership on to WHU for a pittance to cut losses...

@uvk99 5 месяцев назад

It's an athletic stadium , that's what it was built for.

@gary1642 5 месяцев назад

Do you know what LEGACY means? The Olympics were awarded on the condition that an athletics stadium would be left long after 2012.

@PhantomsRugby1 5 месяцев назад

@gary1642 Do you know what tens of millions of pounds losses every year means...money talks I'm afraid. The revamped stadium in Birmingham should be the home of UK Athletics now...

@gary1642 5 месяцев назад

@@PhantomsRugby1 how can tens of millions of pounds of losses be overturned by receiving £2•5m per annum?????????? Even ignoring the obvious criminal negligence of all UK tax payers being fleeced by a Premier League football club the original deal regarding athletics and legacy remains. A couple of million pounds per annum is a drop in the ocean.

@johnthompson457 5 месяцев назад

Why would anyone use the Olympic stadium for concerts when the Tottenham stadium was built for that and has contracts already for them.

@Mike.Davison.92 5 месяцев назад

This would come to a head quicker if Newham hadn't pulled out of their 40% bit of the deal. If they had been liable for 40% of those losses, the local government ombudsman would be kicking off as it would impact on spending on local services. Can you imagine the outcry.....

@turbogigwoof2321 5 месяцев назад

I do hope we get our OWN stadium built for football

@stevemarks9360 5 месяцев назад

Just build it! Other clubs do.

@dirkdiggler1 5 месяцев назад

Not under this ownership, sadly...

@fraserp4087 5 месяцев назад

Good watch with my morning Coffee, great video gonzo. Will be very interesting to see what happens. My preference would be a 55k seater new stadium on The Olympic park similar to Everton’s new ground

@happybrit8585 5 месяцев назад

They are already building new apartments right near the stadium

@markblondrage2776 5 месяцев назад

If we can ere to get a smaller venue don’t think it’ll be fare on some of the season ticket holders who will obviously lose there tickets

@glen1555 5 месяцев назад

There's a waiting list for season tickets. The stadium isn't big enough and yet it doesn't make money?

@ricochet2977 5 месяцев назад

Is there anyone on here that understands construction costs, what would the difference be to build a 70/80k stadium instead of a 50k and what would the revenue, maintenance difference be and the opportunity to for other usages?

@paulmccarthy6663 5 месяцев назад

And people question how Sullivan is a billionaire. Selfish for sure - and I would not have moved from Upton Park personally, but he’s surrounded himself with some very smart people, including Brady. It’s primed for buying on the cheap and Sullivan or his family sell up to an even more exceptionally rich future owner. Fair play to them for once. Smart.

@stevewright8204 5 месяцев назад

I have heard that a ground share with Charlton is part of planning for this possibility

@anthonywebster2 5 месяцев назад

The main risk I see is what happens if the E20 stadium company declares bankruptcy? That's the easiest way to get out of it. Then surely we're forced to renegotiate. So at some point we're completely screwed...

@essexstu4387 5 месяцев назад

West Ham is protected by law under the Landlord and Tenant Act. The lease stands even if the landlord changes.

@Isleofskye 5 месяцев назад

I think there comes a time when all London Football fans have to unite together and come to the assistance when one of our friends is struggling. Collection Boxes should be displayed at Home games of all London grounds like Millwall, Spurs, Arsenal, Millwall.Chelsea, Palace, Millwall Fulham and Millwall where we can all leave suitable "Deposits" in support of our East London Bruvvers.... Personally, I would love to leave a Deposit for Baroness Brady and Co

@andytreb 5 месяцев назад

Yeah, that's a god idea😂😅😂😅😂

@Isleofskye 5 месяцев назад

@@andytrebIt's downright neighbourly,Andy...😀

@ricochet2977 5 месяцев назад

@@Isleofskye Most of them hate us.

@davo7777 5 месяцев назад

They’ve no money? They have money for building bas lanes, they have money for fireworks displays, they have money for putting up facial recognition cameras everywhere. They have money to build a surveillance dystopia around everyone

@Ash-dy8sd 5 месяцев назад

Exactly , must be nice in Stockholm this time of year 😂

@hughzapretti-boyden9187 5 месяцев назад

Pay for your own ground! Squatters!😂😂

@artel6225 5 месяцев назад

It might be impossible for the Irons to be evicted. The potential amount of multifaceted damages settlement may be several times greater than the stadium value. Buying the stadium for a pound is a perfect way for the bankrupt owners to write off their debt, & WHUFC to purchase it at a guess. The board needs a root & branch cost assessment for this event & others. A transition plan for the stadium & part of the land surrounding it to generate revenues to aid rebuilding it could be argued for & by WHUFC as a potential purchaser. For me it’s a win, win contractually for the Irons & an embarrassing white elephant loss for the government.

@bascol123 5 месяцев назад

The LLDC will probably sell the stadium to Sullivan & co for a nominal £1 and then the Hammers will take on the financial liability.

@lewisA76 5 месяцев назад

I cannot see how anyone of sound mind working for the LLDC would have legitimately signed of on this deal. These guys are not stupid the fact that Karren Brady managed to get one over on all them i dont believe. Its never sat right from the off. No wonder the solicitors have been sued, the fact they also agreed to a settlement also speaks volumes.

@markwilson4991 5 месяцев назад

Regardless of stadium losses we have a contract, good luck in court if that contract is affected. Simple answer, and West Ham know this, is for us to buy the stadium at a fraction of real value

@liamwoz1861 5 месяцев назад

What’s most likely to happen is the stadium owner goes into administration the administrator sells the stadium and the rental deal is void and you’ll have to agree a new lease. That’s what happened to us when Wasps went bust and Mike Ashley took over the CBS, the 4 years we had left was void and we’ve had to agree a new temporary lease

@TheOriginalDaveJ 5 месяцев назад

Landlords responsibility! However, I thought there was an option to buy at some point in 2023 when a qualifying payment from the club became null and void? West Ham: we'll but it. LLDC: No chance. Where would that predicament leave us?

@MyShowbizName 5 месяцев назад

I would suggest West Ham contribute much higher sums to improve the stadium and cover costs but it's hard to justify that when you don't own the stadium. It's basically like paying to do somebody elses house up. If they want us to shoulder some of the burden, shouldn't we own some of the stadium. If we owned half the stadium then we should shoulder half the costs. It's all pretty complicated.

@DanielKelly-ds9tv 5 месяцев назад

It's gonna be very hard for anything to happen other than they give west ham the stadium by the looks of it west ham have a cast iron contract and there's no getting out of it otherwise it would already be vetoed and renegotiated

@royhaywood7864 5 месяцев назад

So is wembly Stadium in the same boat.surely we are used more then wembly,so who pays for wembly

@lawrie3448 5 месяцев назад

Legally they can’t get out of the contract - WHU have a charge against LDC ; you can bankrupt London ! Whose going to buy the stadium with an existing tenant and the agreement in place . Get your cheque book out and deduct £232 m off the price !

@user-xy4xb8fe4c 13 дней назад

The owners have played a blinder, heaven knows where west ham would be now if they were still playing in front of 35000 in upton park. Location is great IMHO, but a bespoke football stadium in the same spot would be better ...but who has the cash?

@eug1370 5 месяцев назад

Surely the only way forward is for the LLDC or E20 to sell the stadium to West Ham No one will want to buy the stadium with West Ham as tenants So the only way forward is to sell to West Ham at a knock down price ⚒️

@kramzaid9601 5 месяцев назад

The question is if Brady pulled the wool over their eyes with that crazy offer, they wasnt forced to sign and agree to it, unless Brady went back to her old ways and did some favors behind closed doors. wink wink

@akwamarsunzal 5 месяцев назад

KB knew exactly what she was doing when she got that deal. Yes, she is one smart cookie! Not worried about the landlord and x others fighting, let them fight, it will only be good for West Ham in the long term.

@mattwhufc 5 месяцев назад

They Should of taken the first offer when we would have got the stadium before spurs got involved and cocked everything up

@jamiewm 5 месяцев назад

Poxy place, I hate it with a passion 🤦🏻‍♂️

@jonkernow4477 5 месяцев назад

Other clubs around Europe who rent like inter Milan pay similar rents - 4m a year. A lot of the stadium expenses are the fault of the operators. Wie can't afford to take over the stadium with the pending repairs, athletics and catering contracts in place. BUT, IF they want us out, the buildings safety certificate is withdrawn and we are out!!!! We could find ourselves playing at Wembley, the LLDC would save themselves a fortune paying for us to play there!

@keith79mod11 5 месяцев назад

They could not kick us out once an agreement has been agreed and signed by all parties which for London Corporation did it is binding as law and we could Sue for multi millions enforce them to make a new stadium for us which is 60,000 + this is just probably a Tottenham supporter trying to start crap that way going to get kicked out of our Stadium not a chance in a million years

@M1ggins 5 месяцев назад

agreed, they should go and ask Seb Coe for the money, it's his fault.

@stevenredmond7455 5 месяцев назад

Doesn’t this prove how incompetent the London Council is, yet the leaders get paid £100’sk. Karen Brady I doff my cap to you lady. A deal signed is a contract, maybe we have the upper hand in any future negotiations.

@malp78 5 месяцев назад

When the West Ham Utd deal for the Stadium was first struck every sane person could smell something very, very fishy and we're not talking about the contents of Baldrick's apple crumble.

@nickc708 5 месяцев назад

I wonder what the losses would be, if west ham hadn't taken the stadium? Athletics, and the odd concert, really?

@StuartHallPlectic 5 месяцев назад

Gonzo, the word to use when discussing the deal is "unsustainable". 😂

@JB-cq6wg 5 месяцев назад

Gonzo - Simple facts are in the negation : * Hiw much would it cost if they did NOT have a leaseholder (probably double?) * How many other options for leaseholders would they have likening up (I wild say none) Clearly this is a great opportunity to buy the stadium at a loss (tax efficient) and take the costs away from the LLDC = Tax efficient + Ownership of land and all that goes with it. Means we have greater value as a club

@bensouthwell1339 5 месяцев назад

Another informative piece thats why we are subscribers

@apkosmic 5 месяцев назад

Please remember who was in charge of London when this deal was done. At the time many were complaining about the absurdly generous deal the tory aligned leadership at West ham were given by Boris Johnson.

@major84. 5 месяцев назад

If we do get kicked out we could go and play in the 90,000 seater stadium where we won the world cup 🤷‍♂️, we would fill it as well

@user-gm7ft2nq7c 5 месяцев назад

When it comes to business I don’t think your find many more astute as Sullivan. With Brady alongside I doubt very much that our lease deal at the LS isn’t water tight . A great deal for us but undoubtedly a dud one for the owners. That’s business. !

@erikjansen8597 5 месяцев назад

2.3 million from the other events tells me that others may have gotten the better of the folks who run London Stadium as well.

@dtbramman 5 месяцев назад

Why would we go into a smaller stadium, we pack out the stadium now and could put more in, the operating costs are increased due to outside management

@IAmCrumpton 5 месяцев назад

What about all the area around the stadium now? All that real estate that are now shops and restaurants that’s only been built up since west ham being there, didn’t they make money or still are off of that? But anyway our contract is water tight they can’t throw us out, we’ll get the stadium for a bargain, I can’t see how this is bad for us?

@leefr76 5 месяцев назад

If West Ham buy or are given the stadium, expect match ticket prices to shoot up. Let’s see if the stadium is still full then.

@MunsterIrons 2 месяца назад

This was West Ham board long game, to pick up the stadium/land on the cheap as it was an unsustainable agreement. Sell off the whole thing and relocate to somewhere cheap to build with incentives being received

@brendanctogher 5 месяцев назад

No one wanted it…

@M1ggins 5 месяцев назад

exactly, and all thanks to 'lord' Coe, who seems to have got away scot-free from any blame.

@FootballWithBrownie 5 месяцев назад

It’s all playing into West Ham’s hands as they will end up selling the stadium

@mick-nardini 5 месяцев назад

Never understood how they never built a stadium by the Thames near City Airport.

@sensibledriver933 5 месяцев назад

Welcome to Colonel Khan's London. He is the disaster that is now happening.

@robertbryant1735 5 месяцев назад

They were desperate to get an anchor tenant, other Olympic stadia around the world are huge loss makers. The maintenance of these arenas are huge, the best thing they could do is sell it to West Ham for £1 and then leave them it to them to maintain and run it, economical in the long run for the current owners !!!

@ChingChangWallah. 5 месяцев назад

The Olympics is long gone. Could E20/Legacy just declare bankruptcy and have it all sold off?

@spyintheskyuk 4 месяца назад

Interesting that you have stated what I have been arguing for 10 years what is the final plan for the island, though as has been stated elsewhere housing is unlikely but commercial possibilities are the key here. It’s why Sullivan has kept his dirty mits on the Club and why other invested tours took a bite too. However as you relate the fly in the ointment is the failing finances of the land owner and the management company so that great ‘final deal’ Sullivan has been hanging around to exploit and fearful if he left someone else would benefit from, is now far more complex to achieve and where that leaves the club is anyone’s guess. Problem with any development that gives us a 50000 stadium for example is the time scale, as it would mean at least 3 years away and how the finances would be sorted to make sure everyone gets their desired share is not going to be at all easy or perhaps possible. But as the present situation is totally unviable something will come to a head. The fact Sullivan hasn’t sold out when these implications are becoming so unpredictable and club finances so incapable of solving any predictable plan to solve it, means either he is still (maybe delusionally) confident he can turn events in his favour or his is taking the gamble of his life in mere hope. Either way his hopes for a profitable outcome likely gel little with what a positive outcome might be for the Club itself.

@pgads3004 5 месяцев назад

Politicians shouldn't be able to be up for reelection if they can't balance the budgets.

@stevehaddon151 2 месяца назад

And yet a bunch of fuckwits mm made the architect of this deal prime minister!

@andrewlee7685 5 месяцев назад

Gonzo, real problem is not West Ham deal but but Lord Coe & his insistence for Althetic legacy. Biggest cost is moving scaffolding for seats back & forth, for meetings that make no money. Althetic lot need to be bought out, catering contract needs redoing as often overlooked how little money the stadium lot / us get as back as profit share. Think at some point it's more likely contracts are redone so we end up running it but pay more rental for decision making. Tax payer can't keep funding losses, we are only thing that makes money, you can't develop land as toxic, so if you remove losses & liability its best of bad bunch for Mayor.

@mjc8281 5 месяцев назад

The situation kind of reminds me of QPR and their two moves to another Olympic Stadium, the one in White City... As a child it was somewhere I visited quite a lot, although not for football and could never understand why they didn't make it work given the shortcomings of Loftus Road, I guess the real advantage both times they didn't lose Loftus Rd so they always had that to fall back on. However, the truth is stadiums not designed for football are really hard to make work, for football and stadiums build for athletics and especially the Olympics are almost always a financial train-wreck for the counties involved. So West Ham really have two significant trends to swim against here.

@WHU973 5 месяцев назад

QPR with all due respect don't have the same size of fanbase as west ham United. Completely different scenarios.

@mjc8281 5 месяцев назад

@@WHU973 Not comparing them as clubs. more comparing how hard making the situation work, after all QPR are the only team in the UK to have attempted it!

@wessexman4239 5 месяцев назад

A Bristol City fan. Well done Brady a " Deal is a Deal " F--- The Landlords The Solicitors & the rest . If the Boot was on the other foot ( they the mentioned would crush WHU like a crunchy beetle into the ground.) ...Stand Firm A 99year contract is a deal, end of.