Everton’s former chief Keith Wyness has claimed West Ham leasing the London Stadium at around £3million per year is “one of the greatest deals I’ve ever seen”.
Speaking on the new edition of Football Insider’s Inside Track podcast, the 66-year-old – who served as CEO at Goodison Park between 2004 and 2009 and now runs a football consultancy advising elite clubs – suggested the club will currently be reluctant to buy their 62,500-seat home, which operates at a £20million annual loss.
London mayor Sadiq Khan has recently (as per City AM, 29 July) poured cold water on talk of selling the London Stadium to West Ham, insisting he considers the venue one of the city’s “crown jewels”.
The Irons struck a 99-year lease with the city in 2016 which is worth £3.6million a year.
Initial construction for the 2012 Olympics cost £486 million and developments to ensure the ground was suitable for football cost £274million.
West Ham won’t forfeit ‘great’ London Stadium lease to buy ground, says Wyness
Wyness told Football Insider‘s Insider Track podcast: “The club could’ve bought the stadium at any time in the last few years – but why would they want to bring that headache on themselves?
“West Ham have got one of the greatest deals I’ve ever seen in terms of the lease.
“They’re paying just over £3million a year for the lease of that beautiful stadium.
“They did a great job in negotiations.
“The ownership group of the stadium, which is basically the London City Council, have made losses of over £20million a year.
“It’s a bad model, and it’s a hangover from the 2012 Olympics.
“The intention was for the stadium to carry on being the home of athletics, but that was a bad idea.
“There aren’t enough events to sustain that quality of stadium.
“The stadium should’ve been designed and built with the vision to turn it into a football stadium after the games – then there would be a much greater price on the lease.
“It’s for sale, but who wants to carry those losses?”
