Jaguar Tunes Up Tennis Portfolio Executive Transactions Wasps Seek To Raise $53M With Bond Retails Score Big Ahead Of 'Megafight' More Than 2M Watch Europa League Barcelona, Fitness Time Ink Deal Hamilton Stays Atop Of Sport Rich List ICC Launches Urgent Investigation Names In The News UCI Confirms Astana To Keep License
SBD Global/July 25, 2013/FacilitiesPrint All
EPL West Ham Vice-Chair Karren Brady said that the club "will have to pay off all their bank debt before their move to the Olympic Stadium," according to Martyn Ziegler of the PA. The Hammers have debts of £70M ($108M), half of that bank debt secured on Upton Park, and that "has to be cleared when the ground is sold ahead of the move to the Olympic Stadium" in '16. Brady, giving evidence to the House of Lords committee on Olympic and Paralympic legacy, also insisted that the club "was not getting the stadium on the cheap and that the deal was good value to the tax-payer." Brady was asked to respond to a claim by former sports minister Richard Caborn that West Ham was getting the £600M ($922M) stadium for just £15M ($23M) plus £2M ($3M) a year rent with the tax-payer "picking up the tab." Brady "defended the deal however," saying, "West Ham is not getting a free stadium. The stadium was built for the Olympics and what are we going to do with it? Across the world stadiums that are not used die. Without anchor tenants the cost would be huge to the tax payer" (PA, 7/24).