Gateley, Eversheds and Trowers lead on West Ham's Olympic Stadium deal
Eversheds, Gateley and Trowers & Hamlins have all advised on the deal announced today (22 March) which has seen West Ham United Football Club confirmed as main tenants of London's Olympic Stadium. The deal comes after the Government agreed to provide an extra £25m towards the costs of converting the venue, following a period of uncertainty over the financing of the stadium's conversion to a Premier League football ground. West Ham was named as preferred bidder by the London Legacy Development Corporation (LLDC) several months ago.
March 22, 2013 at 09:47 AM
2 minute read
Eversheds, Gateley and Trowers & Hamlins have all advised on the deal announced today (22 March) which has seen West Ham United Football Club confirmed as main tenants of London's Olympic Stadium.
The deal comes after the Government agreed to provide an extra £25m towards the costs of converting the venue, following a period of uncertainty over the financing of the stadium's conversion to a Premier League football ground. West Ham was named as preferred bidder by the London Legacy Development Corporation (LLDC) several months ago.
HM Treasury is contributing around £60m to the transformation, which is set to cost between £150m and £190m. Newham Council – where the stadium is located in Stratford – is making a £40m loan, while the LLDC is putting in £20m. Additional funding will be provided by the Greater London Authority.
West Ham have agreed to increase their funding contribution by £5m, to £15m, with the club set to pay around £2m a year in rent when they move to the stadium in August 2016.
Eversheds advised LLDC on the deal, with a team headed by real estate partner Stephen Sorrell, while partner Jeremy Brooks led on the property and lease aspects of the final negotiations.
Gateley acted for West Ham, with Birmingham-based commerce, technology & media practice head Simon Pigden leading a team alongside real estate head Jim Garton, as well as retail and occupiers partner James White.
Meanwhile, Trowers advised Newham Council, with London public sector commercial partner Paul McDermott at the helm.
Fellow Premier League club Tottenham Hotspur, which put in an earlier bid for tenancy of the stadium, had been advised by property boutique CKFT, headed by longstanding adviser Selwyn Tash.
West Ham's deal is being challenged by League One football club Leyton Orient, which earlier this month confirmed it had issued proceedings in the High Court against the LLDC for a judicial review, claiming that the club should have been considered for joint tenancy with West Ham.
Leyton Orient's current home at Brisbane Road is just two miles from the Olympic Stadium, while West Ham's Upton Park ground is situated around six miles away.
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