Kieran Maguire reveals West Ham legal settlement made after stunning deal agreed
A legal settlement was made by the landlords of the London Stadium after West Ham agreed to the ‘deal of the century’.
Finance expert Kieran Maguire spoke exclusively to Football Insider about the value of West Ham’s rental deal considering the expected losses of the stadium.
The landlords of the London Stadium, E20 Stadium LLP, published their 2022/23 accounts which revealed that they earned £4million in rent from West Ham.
The expected future operating losses of the London Stadium are estimated at almost £232 million.
The Hammers moved into the stadium in 2016 after signing a 99-year lease for the venue three years earlier.
Maguire praised the value of West Ham’s stadium deal and revealed that a legal settlement was made over the initial agreement.
“West Ham are the beneficiaries of what is described as the deal of the century,” Maguire told Football Insider’s Sean Fisher.
“That refers to the rent they pay for the London Stadium – £3.6million for a stadium which has huge operating costs far bigger than that figure.
“If you take a look at Spurs, their depreciation costs on the new stadium are somewhere in the region of £70million.
“The benefits hugely outweigh the costs.
“It’s interesting to note in the accounts of the landlord that there has been a legal settlement with the lawyers who drafted the contract which has given West Ham not only a fantastic financial benefit but also a long-term one as well, which they would be foolhardy to walk away from.“
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