Key facts
- Labour has called on Mayor Sadiq Khan to explore selling the London Stadium to West Ham United.
- The current deal between City Hall and the football club costs taxpayers £19 million per year.
- West Ham's rent has decreased to less than £3 million per season.
- Labour argues that potential new ownership could offer a fresh opportunity for the stadium's financial future.
- The Mayor's office has indicated a willingness to discuss a possible sale of the stadium.
Labour has urged London Mayor Sadiq Khan to investigate the possibility of selling the London Stadium to West Ham United. Labour assembly member Bassam Mahfouz wrote to the Mayor, highlighting the significant financial burden the current stadium deal places on London taxpayers, estimated at £1.75 billion.
The existing arrangement, agreed by former Mayor Boris Johnson and ex-West Ham vice-chair Karren Brady, is reportedly costing the taxpayer £19 million annually. Furthermore, West Ham's rent has fallen to less than £3 million per season following their relegation from the Premier League.
Mahfouz stated that the likelihood of substantial financial improvements through measures like a naming rights deal appears remote, and the reduction in public subsidy over the contract's duration has been minimal. He suggested that potential new ownership could present a new opportunity.
The Mayor's office has indicated an openness to discussing a potential sale of the stadium, which is also being considered as a venue for the 2029 World Athletics Championships. Separately, West Ham may be subject to new ownership interests, with former Newcastle United shareholder Amanda Staveley reportedly leading a bid for a portion of the club. A key deadline for existing shareholders to acquire Vanessa Gold's shares is set for this afternoon.