Kieran Maguire: Beard and co could buy London Stadium after West Ham takeover twist
New owners at West Ham could potentially buy the London Stadium and transform it into a venue that better suits the needs of fans.
So says finance guru Kieran Maguire, speaking exclusively to Football Insider about the ownership of the 66,000-seater arena in East London.
Davis Sullivan told BBC Sport on 21st July that he had rejected an offer of £400million from a consortium fronted by ex-QPR chief Phillip Beard.
Daily Mail journalist Mike Keegan relayed a new statement from Beard on Twitter on 27th July clarifying some details of the approach.
Beard wrote that the London Stadium is “not fulfilling the needs of the club, its loyal fanbase or the local community” and drastic change is needed.
Maguire explained that it would be difficult but not impossible for a new regime to affect change at the former Olympic park.
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He told Football Insider correspondent Adam Williams: “At present, the stadium is owned by E20, Lewisham Council and the government.
“They, to a large extent, call all the shots. West Ham are very much tenants who have the benefit of paying a very low rental fee.
“But the price they pay for that is that they are not really involved in the development of the stadium.
“The London Legacy Development Corporation’s accounts are a disaster. They are losing a fortune every year because it costs so much to maintain this stadium and they don’t get much in return.
“A lot would depend on the people who are surrounding Philips Beard’s bid. One thing they could do, and this is pure speculation, is try to buy the stadium.
“That way they could take control and change it into a stadium more accommodating of football.
“It wouldn’t be cheap and it would have to be beneficial for the taxpayer, but they could make it more geared towards West Ham.”