Wanda Group Wants Annual Income Over $10B DEL In Talks To Renew Partnership Deals F1 Viewership Decline Continues In '15 German Pro Leagues Set New Records Executive Transactions Hertha Reduces Liabilities To 'Historic Low' Telekom Hires New Agency For Bayern BCCI Closes Tenders For New IPL Teams RFU Announces Record Revenue Of $313M Liverpool Spends $21M On Agents
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).