WEST HAM UNITED’s London Stadium is facing major financial difficulties.
Officials admit the elusive naming rights may not materialise until 2028 – two years after it was promised.
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Despite repeated assurances from stadium bosses that a deal was imminent, the venue’s owners have been unable to secure a sponsor to help cover the mounting losses.
The situation has grown so dire that the London Legacy Development Corporation (LLDC) — which owned the stadium until March — has warned of “significant risk” in securing a deal in the near future.
The Times is reporting that the crisis was outlined in a draft of the LLDC’s annual report.
The report reveals a worrying financial picture for the iconic stadium.
In March, ownership of the venue was transferred to the Greater London Authority (GLA).
The report also raised eyebrows over the generous payouts received by former LLDC chief executive, Lyn Garner.
Garner was awarded a £228,000 severance package on top of her £304,000 salary after stepping down from the LLDC post.
She was quickly appointed chairwoman of the London Stadium’s new board, despite her new role being part-time and non-executive.
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A GLA spokesman defended the move, stating her “wealth of skills and experience” made her a valuable appointment.
Five other senior LLDC executives were also given payouts ranging from £91,000 to £151,000 following the restructuring.
Meanwhile, the long-promised naming rights deal remains elusive.
In early 2023, Garner was confident that an agreement would be reached before the end of the year, but that hope never materialised.
Any deal must be approved by West Ham, who share in any income above £4million per year from such agreements.
Further complicating matters, West Ham and stadium owners are embroiled in a dispute over costs for staging Women’s Super League (WSL) matches.
Under the terms of their 2013 concession agreement, the stadium’s owners are responsible for expenses like stewarding, security, and electricity, which can add up to around £100,000 per Premier League match.
West Ham has offered to cover some of these costs for WSL games, but the offer has yet to be accepted by the London Stadium.