Make an enquiry

    Enquiry Form









    Contact

      Enquiry Form






      Supporting Document


      We are welcoming clients back to our offices Find Out More
      FJG Solicitors in Essex, Colchester, Chelmsford, London – Fisher Jones Greenwood
      • 0845 543 5700
      • [email protected]
      • Make an enquiry
      • Online Payment
      • Home
      • Services
        • Services for you
          • Advocacy
          • Civil & Commercial Disputes
          • Clinical and Medical Negligence
          • Conveyancing
          • Employment Law
          • Family Law
          • Children Law
          • Immigration & Visas
          • Notary Services
          • Personal Injury
          • Wills, Life Planning & Probate
        • Services for business
          • Academies Portal
          • Agricultural and Rural
          • Business Immigration
          • Commercial Dispute Resolution
          • Commercial Litigation
          • Professional Negligence
          • Commercial Property
          • Construction Law
          • Planning Consultancy
          • Corporate and Commercial
          • Education Services
          • Employment Law
          • Healthcare Services
          • International Services
          • Landlord & Tenant Services
        • Services by sector
          • Agriculture & Estates
          • Care Homes
          • Charities & Social Enterprise
          • Construction
          • Education Law
          • Energy
          • Family Owned Business
          • Healthcare & Dentistry
      • Our people
      • About us
        • CSR
        • Awards
        • Our Vision
        • Accessibility
        • Careers
        • Work Experience
        • Equality & Diversity
        • FLOCC
        • FJG Foundation
        • SAFE Forum
      • News, Events & Insights
      • Blog
      • Podcasts
      • Contact us
        • Colchester
        • Chelmsford
        • Clacton-on-Sea
        • Billericay
        • Braintree
        • Frinton-on-Sea
        • Holland-on-Sea
        • London

      Are West Ham scoring gold with Olympic Stadium move?

      12 May 2016 by Ties Bouwmeester

      Ties Bouwmeester
      Olympic Stadium

      As has been well publicised this week after playing their last home game on Tuesday night, West Ham are leaving their home ground of 112 years at the end of this season and moving to the Olympic Stadium. The move has been in the public spotlight for a number of reasons, but mainly because of the location of the new ground and the deal the Club managed to secure. After the club and The London Legacy Development Corporation (LLDC) initially tried to keep the details private, they have now been forced to reveal full details of the contract. While the details have been met with criticism by some, it’s important to remember there are two sides to this complex story.

      West Ham will pay £2.5m a year in rent for their new home at the Olympic Stadium. This figure, which will halve to £1.25m a season if the Club are relegated (an unlikely scenario at the moment), was widely known but the publication of the full contract reveals a host of other details about the controversial deal. The contract confirms that West Ham will pay £15m towards the conversion cost of the Stadium, a cost totalling £272m. Following the initial cost for the Olympics in 2012, this 60,000 seat Stadium will have cost £701m, the vast majority of which will have been met by the taxpayer.

      Further details revealed by the contract show that the LLDC will keep the first £4m of any naming rights deal for the Stadium over a 20 year period. Anything over that figure will be split 50/50. The LLDC will also keep the first £500,000 of any profit on catering at the ground, with anything over that amount being split 70/30. The running costs for the Stadium, covering everything from stewards to corner flags, will be provided by the LLDC. However, the Club must pay an additional £100,000 for this each and every match they play with the agreed total being 25 matches per season. The Club must also pay up to £100,000 extra per season if they finish in the top half of the Premier League along with various bonuses if they win domestic cups or qualify for Europe, up to £1m in the event they win the Champions League.

      Arsenal manager Arsène Wenger said last week that West Ham’s deal to move into the Stadium was akin to “winning the lottery”. However, West Ham has made the point that  “someone renting the Stadium for 25 days a year cannot be responsible for 365 days’ running costs”. It is also important to remember that the Stadium is also to host the 2017 IAAF and IPC Athletics World Championships and there is a 50 year agreement for British Athletics to use the Stadium each July.

      Another consideration is the effect to the area and community when a commercial giant, such as a London football club, leaves. The Upton Park area where the club is currently situated, is also home to thriving businesses, whose wellbeing is mainly due to the activity a match day brings. The old 35,000 seat Stadium will be replaced by flats, but food outlets, pubs and street traders face an uncertain future when the Club makes the move at the end of the season. Some will be making the move to the Olympic Stadium with the Club, but for many this is not a viable option.

      Football fans will now be replaced by families, creating a completely different atmosphere. The place where the likes of Bobby Moore and Frank Lampard plied their trade for West Ham will now become 842 flats, due to be completed by 2022. An initial 25% of the scheme is affordable housing, with Newham Council investing £18m to increase that number by a further 10%. The council also insists construction jobs will be earmarked for local people. The new housing development will celebrate the history of the area. A new statue of West Ham and England legend Bobby Moore, the club’s current Memorial Garden and a landscaped courtyard to replace the Boleyn’s centre circle will all be included in the scheme. The plans go to show that it’s not just in the aftermath of the Olympic Games where ‘legacy’ is vital to a local community as well as to sporting developments.

      If you have any queries relating to commercial property matters, please contact Ellen Petersen on 01206 835316 or click here for more information.

      Authors
      Archives
      Subscribe to RSS feed

      Recent Posts

      • Who you gonna call?
      • Worth the wait
      • What is a section 37 report?
      @FJGSolicitors

      We've had a 5* review from Beau: Excellent communication for a swift Property sale and purchase https://t.co/lVm29tQYYK

      7 hours

      RT @StHelenaHospice: A big thank you to our Wills Month solicitors 😍 @birkettlong @JohnFowlersLLP @FJGSolicitors Also thank you to everyo…

      22 hours

      We've had a 5* review from Stephen: Excellent Sevice https://t.co/q9w1oBRu4H

      1 day
      Billericay 01277 623132
      Braintree 01376 552828
      Chelmsford 01245 890110
      Colchester 01206 835300
      Clacton 01255 323103
      Frinton 01255 514100
      Holland-on-Sea 01255 818900
      London 08455 435700
      Sudbury 01787 373387
      • Disclaimer
      • Accessibility
      • Terms & Conditions
      • Privacy Policy
      • Cookies
      • Price & Service
      • Signup to our Newsletter
      • COVID-19 Risk Assessment

      Fisher Jones Greenwood is the trading name of Fisher Jones Greenwood LLP, a Limited Liability Partnership authorised and regulated by the Solicitors Regulation Authority and registered in England ( Number: OC305854 ). A list of members is available for inspection at the registered office at Charter Court, Newcomen Way, Colchester Business Park, Colchester, Essex CO4 9YA

      This website uses cookies & data collection

      Our website uses cookies, which are small text files that are placed on your computer by websites that you visit to distinguish you from other users. They are widely used in order to help website owners like us provide you with the best user experience possible. They also provide us with information that can help us improve our websites and marketing activities. By clicking an item or link on this website, you agree to the use of cookies and other data collection.

      Find out more

      We are welcoming clients back to our offices

      Differing tiers and three lockdowns later, Fisher Jones Greenwood Solicitors are now pleased to be able to welcome clients safely back to our offices.

      Remote working and the digitalisation of the way we work, have been key to keeping FJG and the rest of the country going.

      • We are now able to offer, pre-booked face-to-face appointments. Although, we are still able to offer remote appointments if preferred.
      • You can continue to visit our offices at any time to post any correspondence and documents through letterboxes.

      If you are visiting an FJG office, covid-19 safety rules of social distancing, hand sanitization, and the wearing of masks will still apply.

      • Please be aware you will also need to have your temperature taken on arrival.
      • There will also be protective screens in place to protect you and our staff.

      Please do not hesitate to contact your legal adviser by email or by telephone should you have any worries or concerns. Alternatively, please call our main switchboard number (01206 835300), and a message to return your call will be relayed to the relevant person.

      Best wishes
      Paula Cameron
      Managing Partner