Let's All Laugh At... Let's All Laugh At West Ham
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TheChosenOne
A dislike or neg rep = fat fingers
- Dec 13, 2005
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Lady Brady's business skills must be called upon to put this X factor joke club back on course ?
The Thames Bank Men of Iron need urgent help.
The Thames Bank Men of Iron need urgent help.
JamieSpursCommunityUser
Well-Known Member
- Jan 27, 2011
- 1,890
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So reading the report it seems E20 LLP (currently owned by London Legacy Corporation and Newham Borough Council) has been granted the Mayor's approval to change it's ownership.
Newham is bailing out - presumably as they can't justify nobodies bins getting collected whilst they stump up £10m each year to a PL football club they've already 'loaned' £40m to - and a new partner is to join.
Whom exactly has not yet been made clear, nor is it clear whether they will buy in to this £500m asset or simply 'join'. Will it be West Ham? Are they legally obligated to pay for half it's value? The politics of them being given it after the losses made you'd think would be unacceptable to Khan after making suhc an issue of it.
Will UK Athletics buy in? Will it just be transferred to another public body, central government, or the City of London?
It's all a bit of a mess, but I'm pretty sure whatever happens West Ham's contribution one way or the other will be going up.
As long as the operation is still loosing £20m each year - partly owing to the change over costs for Athletics - it's clearly not a viable investment for the private sector.
One UK Athletics or West Ham would have to leave, and surely neither will relinquish their contract with E20 - so the only option would be for LLC to put it into administration - then have it's assets sold on the open market without it's concession agreements.
West Ham will either have to pay more to stop this from happening - or somehow give UK Athletics a carrot to move somewhere else, which in itself isn't going to be cheap.
Newham is bailing out - presumably as they can't justify nobodies bins getting collected whilst they stump up £10m each year to a PL football club they've already 'loaned' £40m to - and a new partner is to join.
Whom exactly has not yet been made clear, nor is it clear whether they will buy in to this £500m asset or simply 'join'. Will it be West Ham? Are they legally obligated to pay for half it's value? The politics of them being given it after the losses made you'd think would be unacceptable to Khan after making suhc an issue of it.
Will UK Athletics buy in? Will it just be transferred to another public body, central government, or the City of London?
It's all a bit of a mess, but I'm pretty sure whatever happens West Ham's contribution one way or the other will be going up.
As long as the operation is still loosing £20m each year - partly owing to the change over costs for Athletics - it's clearly not a viable investment for the private sector.
One UK Athletics or West Ham would have to leave, and surely neither will relinquish their contract with E20 - so the only option would be for LLC to put it into administration - then have it's assets sold on the open market without it's concession agreements.
West Ham will either have to pay more to stop this from happening - or somehow give UK Athletics a carrot to move somewhere else, which in itself isn't going to be cheap.
'O Zio
Well-Known Member
- Dec 27, 2014
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Much like Qatar being given the World Cup, this is one of those situations where everybody knew it was completely farcical the second it was announced and yet it's cost millions of pounds more in taxpayers money to produce a report that any one of us could've written. The whole thing is just such a joke.
Regarding the original deal, the thing I just flat out don't understand is how anyone negotiated a deal that didn't at least cover the costs of the stadium? Surely the absolute base price for any tennant should be the operating costs etc. If you're a landlord and your mortgage payment is 1000/month you don't rent the flat out for 200/month do you. But that's basically what the OC have done
I hope (although I won't hold my breath) that somebody finally sees sense and tears up the original deal and make West Ham pay a proper amount of rent so that the taxpayers can finally get their money back. The whole thing is a complete farce
Regarding the original deal, the thing I just flat out don't understand is how anyone negotiated a deal that didn't at least cover the costs of the stadium? Surely the absolute base price for any tennant should be the operating costs etc. If you're a landlord and your mortgage payment is 1000/month you don't rent the flat out for 200/month do you. But that's basically what the OC have done
I hope (although I won't hold my breath) that somebody finally sees sense and tears up the original deal and make West Ham pay a proper amount of rent so that the taxpayers can finally get their money back. The whole thing is a complete farce
spursfan77
Well-Known Member
- Aug 13, 2005
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What I think needs clearing up is what happens to the track lease if something were to happen to E20. Is the track lease desperate to any agreement with West Ham or part of it? If that agreement is dissolved would also the track lease fall away. I hope they are separate but I can't remember if they are in the same document or not.
And as happens when any Tory makes a decision...their friends and those who make kind donations, benefit.
Flynn
SC Supporter
- Sep 2, 2004
- 2,537
- 6,722
[/QUOTE]Much like Qatar being given the World Cup, this is one of those situations where everybody knew it was completely farcical the second it was announced and yet it's cost millions of pounds more in taxpayers money to produce a report that any one of us could've written. The whole thing is just such a joke.
Regarding the original deal, the thing I just flat out don't understand is how anyone negotiated a deal that didn't at least cover the costs of the stadium? Surely the absolute base price for any tennant should be the operating costs etc. If you're a landlord and your mortgage payment is 1000/month you don't rent the flat out for 200/month do you. But that's basically what the OC have done
I hope (although I won't hold my breath) that somebody finally sees sense and tears up the original deal and make West Ham pay a proper amount of rent so that the taxpayers can finally get their money back. The whole thing is a complete farce
West Ham's contribution doesn't cover 1/4 the cost of moving the seats about to accommodate them. Let alone everything else.
Gassin's finest
C'est diabolique
- May 12, 2010
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nailsy
SC Supporter
- Jul 24, 2005
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I just can't see a solution to this. West Ham have a 99 year lease so it's going to be very difficult to kick them out. To get rid of them you'd need to prove corruption. In the bidding process. The most likely scenario is that the government will throw more money at the stadium.
TheChosenOne
A dislike or neg rep = fat fingers
- Dec 13, 2005
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E20
A fictional postcode for a fictional area - Walford - in East Enders. Flipping Mockneys.
A fictional postcode for a fictional area - Walford - in East Enders. Flipping Mockneys.
Dundalk_Spur
The only Spur in the village
- Jul 17, 2008
- 4,956
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I thought it was a cream.....for nasty afflictions
'O Zio
Well-Known Member
- Dec 27, 2014
- 7,405
- 13,785
Exactly. It's either absolutely criminal incompetence from the people involved or something genuinely criminal has gone on.
I'm hoping that they find the whole thing to have been massively corrupt and somehow can void the contract as a result, thus forcing West Ham to renegotiate to a more sensible deal
They need to start making more use of the place somehow?
Major League Baseball has been suggested? NFL?
Perhaps this was West Ham’s aim all along? ‘Let us take the stadium off your hands for a pittance to save you losing millions’
I’m sure Levy and others have made sure that such a deal isn’t quite as simple as that. Plus, the public outcry would be huge. Premier league football club owned by multi millionaires gets handed venue paid for by the taxpayer etc, athletics legacy gone with it too etc
cider spurs
Well-Known Member
- Jul 5, 2016
- 9,400
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Dear Santa.
Christmas is coming and times are hard, please can you arrange for West Ham United to send me a tax rebate. It seems I have inadvertently become a West Ham United supporter.
Santa, as I am sure you are well aware, this does not bode well, please ask the dildo brothers to up their game and get flogging a few more lady toys, or, failing this, get that Brady bird to tap up Lord Sucrose (he's on a diet) for a few quid.
Either way I want out, no part of it. Just give me my money back and I'll pretend this never happened.
Of course, I can't guarantee that this lame excuse of a football club won't be ridiculed for their on-field antics, I mean c'mon they're well shit.
Cheers Santa. You the man!.
Christmas is coming and times are hard, please can you arrange for West Ham United to send me a tax rebate. It seems I have inadvertently become a West Ham United supporter.
Santa, as I am sure you are well aware, this does not bode well, please ask the dildo brothers to up their game and get flogging a few more lady toys, or, failing this, get that Brady bird to tap up Lord Sucrose (he's on a diet) for a few quid.
Either way I want out, no part of it. Just give me my money back and I'll pretend this never happened.
Of course, I can't guarantee that this lame excuse of a football club won't be ridiculed for their on-field antics, I mean c'mon they're well shit.
Cheers Santa. You the man!.
hodsgod
Well-Known Member
- Jan 12, 2012
- 4,241
- 3,082
I have played there, it used to be the Ford sports and social club. I worked for Ford and played for the team for a while.
Led's Zeppelin
Can't Re Member
- May 28, 2013
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Too many threads on KUMB Literally can’t keep up
You can't keep up and they can't stay up.
sherbornespurs
Well-Known Member
- Dec 9, 2006
- 3,764
- 9,268
[
Come on, we all know it was the hubris of Boris Johnson and Sebastian Coe that landed this mess on the taxpayers of the 3rd poorest borough in London. That's the story here - pointing the finger at Khan for 'political points' scoring is quite baffling considering the enormity, scandal, call it what you will, of this expensive farce.
Johnson and Coe (specifically) knew full well there was no need for a high capacity athletics stadium after the 2012 Olympics and 2017 World Championships, yet still they pushed ahead using their 'influence' to convince the weak minded that retaining the stadium for 'legacy', whatever the cost (£750m!), was a good solution.
Fair play to Khan for at least trying to get to the bottom of this and, in the words of Donald J Trump, finding out what the hell is going on.
Come on, we all know it was the hubris of Boris Johnson and Sebastian Coe that landed this mess on the taxpayers of the 3rd poorest borough in London. That's the story here - pointing the finger at Khan for 'political points' scoring is quite baffling considering the enormity, scandal, call it what you will, of this expensive farce.
Johnson and Coe (specifically) knew full well there was no need for a high capacity athletics stadium after the 2012 Olympics and 2017 World Championships, yet still they pushed ahead using their 'influence' to convince the weak minded that retaining the stadium for 'legacy', whatever the cost (£750m!), was a good solution.
Fair play to Khan for at least trying to get to the bottom of this and, in the words of Donald J Trump, finding out what the hell is going on.
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