Conversion Of The Olympic Stadium Into A Football Stadium Could Cost $234M
A plan to convert the Olympic Stadium for Premier League football after the Games "could cost the public purse" £150M ($234.2M) on top of the original building costs, according to Ashling O'Connor of the LONDON TIMES. The original £95M ($148.3M) estimate has now increased by £20M ($31.2) to include upgrades to the "no frills" stadium, including internal toilets, corporate hospitality suites, a new pitch, a partial roof extension and a reduction in capacity from 80,000 to 60,000. Next week, London Legacy Development Corp., the mayor's property arm, "opens formal negotiations with four bidders shortlisted this month." The favorite will be awarded the 99-year lease in October in West Ham United. The other three bidders are a football university, a consortium interested in staging a F1 race and League One football club Leyton Orient. West Ham's bid is thought to propose a £1.5M ($2.3M) annual rent, but the club "could bring additional value to the table through naming-rights deal" worth £5M ($7.8M) to £10M ($15.6M) a year. That money would be split 50-50 between the club and the development corporation (LONDON TIMES, 8/3).