Kieran Maguire: West Ham have agreed ‘deal of the century’ amid £12m legal news
The ongoing political fallout regarding the London Stadium’s impact on the taxpayer illustrates that West Ham have got the “deal of the century” with their rental agreement.
That is the view of finance guru Kieran Maguire, speaking exclusively to Football Insider about the latest legal case centred on the 62,500-seater arena.
The Hammers moved into the former Olympic venue back in 2016 and pay a variable rental fee of around £3million per season as part of a 99-year lease.
Per the BBC last Tuesday (9 August), LLDC, the organisation that handled the Irons’ move into the London Stadium, have reached an out-of-court settlement with legal firm Allen & Overy over the deal.
LLDC originally sued Allen & Overy for £12m over alleged professional negligence for their part in the arrangement of the 99-year lease.
Maguire explained why the controversy around the stadium remains six years after West Ham began their tenancy.
“West Ham have got the deal of the century when it comes to the rent they are paying at the London Stadium,” he told Football Insider’s Adam Williams.
“Last year it was around £2.8m. Compare that to how much Spurs have spent on their 60,000-capacity stadium.
“Admittedly, Spurs’ stadium is football-focused and West Ham are having to fit around the other things going on at the London Stadium. But for the cost differential, there is no comparison.
“Given that the landlord is covering some of the operational costs at the stadium, I think it represents either brilliant negotiation from Karen Brady or appalling negotiation by the Government. I expect the truth is somewhere in between.”
In other news, pundit backs West Ham to sign midfielder imminently amid £75m-plus development.