West Ham facing delays over potential move
The London Legacy Development Corporation (LLDC) was set to approve the bid this Tuesday after the Hammers upped their annual rent offer to £2.5 million.
However, the two-year talks are yet to come to an end as, after LLDC ratifies the move, Newham’s council will have also to formally confirm the part-fund of the £160m-plus conversion costs of a new cantilevered roof and retractable seats.
The LLCD chairman, London Mayor Boris Johnson, has negotiated the cut of any profits made if the Premier League club decided a sale to a new owner.
But it is believed that David Gold and David Sullivan, co-owners of 65% of the shares of the club, have no intention of selling up.
West Ham, expected to be playing at the stadium from the 2016-2017 season, earned the “highest-bidder” status despite the LLDC pretensions of obtaining more than the £15 million the club was willing to offer towards the conversion costs.
The Hammers have since promised to pay any additional costs for the roof and seats to the LLDC within the next ten years.