“Bitter and Jealous” | Clubs Very Furious at Hammers PSR Advantage. West Ham’s rental agreement at the former Olympic stadium was once hailed as the “deal of the century.” Now, the Irons’ rental agreement for the venue has come under more scrutiny, with many claiming the club has an unfair advantage over competitors under the current PSR regulations.
The London Stadium continues to represent a massive financial burden for the capital’s taxpayers, as revealed in the latest accounts from the London Legacy Development Corporation (LLDC). Despite efforts to offset losses by hosting concerts and other events, the stadium’s owner, E20 Stadium LLP, reported a staggering loss of almost £21 million in the financial year ending May 2024.
The revealed accounts underscores the significant disparity between the costs of maintaining the stadium and the income it generates. Notably, West Ham pay a relatively modest rent of £3.6 million per season, which does not cover any of the stadium’s upkeep expenses, such as heating, cleaning, or maintenance.
Understandably, a few noses have been put out of joint by the fact that West Ham retains all ticket revenues and a portion of the catering income, further tipping the financial balance in the club’s favour. While the recent loss of Allianz as a potential stadium sponsor is significant, many within football and the London Assembly resent the Hammers’ deal.
