West Ham granted £40m loan for Olympic Stadium takeover

London football
club West Ham has been granted a £40m loan by Newham Council to finance its possible
takeover of the Olympic Stadium after the
2012 games

According to national news agency BBC, the Council called the loan
agreement presented by the football
club a “strong package” and voted in its favour.

Council CEO Kim Bromley-Derry told the BBC: “We are unable to comment on financial aspects of the Newham Council and
West Ham United bid for the Olympic Stadium because of a confidentiality
agreement with the Olympic Park
Legacy Company.”

The load would only be handed to the club if it is
awarded preferred bidder status against rival
football club Tottenham Hotspur

Tottenham Hotspur announced a joint bid with
American sports and
entertainment company AEG last
October to take over the London Olympic Stadium after the 2012 Games. The bid includes plans to scrap the running
track, which goes against original takeover deal conditions to retain it as an
athletics facility.

A year ago, West Ham United’s new owners, David Sullivan and David
Gold, expressed interest in moving the club from its Upton Park
home to the Olympic
stadium
.

At the time, the Olympic Park Legacy Company said it will
review all “interest and enthusiasm” in the stadium’s future use. However, the
issue of a permanent running track and costs involved in setting up a new
capacity suitable for football were previously a barrier to
negotiations.

Any news? Email conferencenews@mashmedia.net

Paul Colston

Author

Paul Colston

Managing Editor, Conference News & Conference & Meetings World.

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