London Stadium Deal with West Ham United Costs Taxpayers £19m Annually, Reveals Stadium Company Chair
Key Takeaways
- •The London Stadium generates approximately £19 million in annual operating losses for taxpayers, a level that has persisted for several years.
- •West Ham United pays £4.6 million in annual rent under a 99-year lease finalized in 2013 that includes no break clause for the Greater London Authority.
- •Revenue gains from this summer's six events, including concerts by Take That and Metallica, were offset by a rent reduction resulting from West Ham's relegation from the Premier League.
- •The football club has expressed reluctance to support hosting the 2029 World Athletics Championships due to concerns about extended pitch unavailability.
- •Stadium chair Lyn Garner described the relationship with West Ham as tense and stated she would prefer to renegotiate the lease entirely, though she does not expect that to occur.
The London Stadium agreement between West Ham United and City Hall is costing taxpayers approximately £19m per year, according to Lyn Garner, chair of the London Stadium LLP.
Garner disclosed the figure while addressing the London Assembly Economy Culture and Skills Committee this week, as reported by MyLondon.
"We are going to finalise the accounts at around a £19m operating loss," Garner told committee members. "This is not unusual. It's been in this ballpark for some time."
The London Stadium, built for the 2012 Olympic Games at a public cost of roughly £700m, has been a focal point of debate over post-Olympic venue legacy since before the first football match was played there. The roots of the current arrangement trace back to 2013, when then Mayor of London Boris Johnson finalised a deal with West Ham United leadership. Under the 99-year lease, the football club — recently relegated to the second tier — pays £4.6m in annual rent, a figure that has decreased this season as a result of their demotion from the Premier League. The lease, co-signed by former West Ham chief Baroness Karren Brady, contains no break clause on the side of the Greater London Authority.
Garner noted that event revenue fluctuates from year to year. "We have a few peaks and troughs, depending on how many summer events we have. 2025-26 was a particularly bad year for London Stadium, with only two summer concerts. This year is a bit better. With this summer, we've just hosted six events, five concerts and Soccer Aid."
She added: "That's helping with the finances. But, of course, it's one step forward and two steps back because of the relegation reduction. So, we're still in the same ballpark of about £19m."
This summer's concert lineup at the venue included performances by Take That and Metallica.
West Ham United have undergone significant leadership changes in recent months, with the resignations of Brady and joint-chair David Sullivan. Sullivan stepped down "following impending historic personal allegations."
Garner acknowledged ongoing efforts to improve the stadium's financial position: "We have managed to drive efficiencies over several years. Commercial deals are much better than ever they were for the commercial rights that we own. However, of course, we remain responsible for all the overheads, all of the repair and maintenance for a huge national venue."
The London Stadium could see additional revenue from hosting the 10-day World Athletics Championships in 2029. Despite government backing for the bid, the football club has expressed reluctance due to concerns over how long the pitch would be unavailable.
Addressing the broader relationship with West Ham, Garner was candid: "The relationship with the football club historically has been quite tense. We've disagreed on interpretations around the contractual piece. And I don't think that's any surprise when the taxpayer is under such a huge pressure."
She concluded: "I'd like to see the whole thing set aside and to start again, but I can't see that happening."