Labour assembly members are pressing London Mayor Sadiq Khan to evaluate selling the London Stadium to West Ham United, arguing the move could relieve taxpayers of a long-term financial burden tied to the 2012 Olympic legacy venue.
Labour Demands Full Assessment of London Stadium Ownership
London Assembly member Bassam Mahfouz has formally written to the Mayor of London urging a comprehensive review of the stadium’s long-term ownership options, including an outright sale to the club. Mahfouz described the existing tenancy arrangement as a £1.75bn financial burden on the public purse.
The original tenancy arrangement was struck between former mayor Boris Johnson and former West Ham vice-chair Karren Brady. Under that agreement, the public purse absorbs £19m annually. Meanwhile, West Ham United’s rent contribution sits at less than £3m per season.
Taxpayer Costs Compounded by On-Pitch Relegation
The financial imbalance under the current contract has tightened following West Ham’s relegation from the Premier League, which further reduced the club’s rental payments. Mahfouz noted in his correspondence that the reduction in public subsidy over the decade or so of the contract has been minimal so far.
Mahfouz stated that the likelihood of any significant changes to the financials of this deal through, for example, a naming rights deal, seem further away than ever before.
Future Prospects and Legacy Protections
Despite the mounting public subsidy, the venue remains a central asset for British athletics. The London Stadium is currently positioned at the core of a bid to host the World Athletics Championships in 2029.
Mahfouz’s letter explicitly stipulates that any future ownership assessment must weigh potential taxpayer savings alongside protections to ensure the stadium can continue hosting major athletics and sporting events. The mayor’s office has indicated a willingness to engage in discussions regarding a possible sale.
At the same time, West Ham United’s corporate ownership is evolving. Former Newcastle United shareholder Amanda Staveley is leading a bid to acquire part of the club, coinciding with an expiring deadline for existing shareholders to purchase Vanessa Gold’s shares. Assembly members argue that this shifting corporate landscape provides a new opportunity to revisit the arrangement.
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