"London taxpayers may have to pay an extra 2.5m if West Ham are relegated from the Premier League this season, because of the club's lease agreement for London Stadium. The Hammers are 18th in the table with one match remaining, and will be as good as relegated to the Championship if Tottenham - two points above them with a game in hand and a much better goal difference - draw with Chelsea on Tuesday."
"Under the 99-year lease agreement, West Ham would pay the Greater London Authority about half their current annual rent of 4.4m if they are relegated. London taxpayers, who currently contribute to stadium operating costs such as stewarding, will have to make up the funding gap. "If West Ham are relegated, we, the taxpayers, we City Hall, could lose up to 2.5m a year," said Mayor of London Sadiq Khan."
"Khan blamed predecessor Boris Johnson for agreeing "the worst deal imaginable" in 2012. Commercial revenues from London Stadium are expected to fall if West Ham play in the Championship, while stewarding costs over 23 home games would be greater than 19 Premier League home matches."
West Ham are near relegation with one match remaining, and could drop to the Championship if Tottenham draw with Chelsea. A 99-year lease agreement for London Stadium requires West Ham to pay about half of their current £4.4m annual rent if relegated. The Greater London Authority would face a funding gap, and London taxpayers would have to cover it, including stadium operating costs such as stewarding. Stewarding costs over 23 home games in the Championship would exceed costs over 19 Premier League home matches. Commercial revenues are also expected to fall if West Ham play in the Championship. The Mayor of London attributes the financial risk to a deal agreed in 2012.
Read at www.bbc.com
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