West Ham Tenant Of Choice For Olympic Stadium

West Ham United have taken a major step towards moving into the Olympic Stadium after the London Legacy Development Corporation named the Premier League club as their preferred bidder.

However, the Legacy Company is also believed to be planning a non-football option in case a deal with West Ham, for a 99-year lease on the venue, falls through.

Other bids have been made by League One side Leyton Orient, UCFB College of Football Business and a consortium linked to Formula 1.

Converting the Stadium from its current configuration into a 60,000 arena capable of hosting football and athletics will cost between £130 million and £200 million, according to media reports. 

West Ham would be the anchor tenants, with other events, such as the 2017 World Athletics Championships, staged at the stadium.

Retractable seating would have to be installed so there could be a quick change between athletics and football use, with the retention of the track after London 2012 a key legacy promise made by the capital during its successful bid.

West Ham have offered £15 million in cash plus a minimum £9 million-a-year rent, plus a share of commercial revenues to help pay for the renovation costs.

Newham Borough Council are expected to contribute up to £60 million to ensure the viability of the project while the Treasury are also contributing £38 million.

However, West Ham will also be expected help to fill the funding in the building work necessary to transform a track and field venue into a multi-sports arena, with an estimated £20 million shortfall in what is needed to renovate the Stadium.

If a deal is agreed, West Ham are unlikely to move from their current ground at Upton Park until the start of the 2016/17 season.