Staveley deal could unlock London Stadium ownership talks
London authorities have opened the door to discussions over a potential sale of London Stadium to West Ham as Amanda Staveley’s proposed investment brings the loss-making venue’s ownership back into focus.
West Ham could explore buying London Stadium after the Mayor of London indicated that authorities would consider proposals capable of reducing the venue’s annual burden on taxpayers.A Greater London Authority subsidiary owns the stadium, which is expected to record an operating loss of about £19m this year, while West Ham occupy the former Olympic venue under a 99-year lease.A spokesperson for Mayor Sadiq Khan said he “would welcome any discussions regarding the London Stadium that would deliver greater value for money for Londoners”.The London Legacy Development Corporation said: “No conversations have taken place to date regarding this matter. Should any proposals be brought forward in the future, they would need to align with LLDC’s mission to deliver inclusive growth, creating opportunities for local communities, strengthening east London’s contribution to the capital’s economy and ensuring the continued success of the Park as a destination for sport, culture, entertainment and community participation.”Interest in the stadium’s ownership has intensified after Amanda Staveley agreed to acquire the Gold family’s 25.1% West Ham stake through a consortium involving PCP Capital Partners and Ashland Forest Capital Partners.The proposed £150m investment reportedly values West Ham at approximately £600m, although completion remains subject to Daniel Křetínský’s pre-emption rights over the shares.Staveley said: “Whatever club we take, there’ll be a big property play as well. We won’t just do a football-led.“I just want a challenge, and that’s what excites me. That’s where you get value uplift, when you take something from seedling and allow it to grow.”Ownership of London Stadium could give West Ham greater control over hospitality, naming rights, food and beverage operations, non-football events and development opportunities around the venue.The club’s rent was already favourable before their relegation to the Championship triggered a further reduction from approximately £4.6m per year to less than half that amount.London Stadium LLP chair Lyn Garner said she would “definitely not” approve the existing agreement if presented with it today, describing it as “a very good deal for West Ham”.Staveley must first complete her investment before pursuing stadium negotiations, although West Ham’s existing shareholders remain free to approach City Hall and the LLDC independently.