Taxpayers to pay £20m for West Ham United stewards
The Exchequer will also shell out £14.5m for fresh seating as the club redevelops its West Stand to bring fans close to the pitch
ByOliver Gill, CHIEF BUSINESS CORRESPONDENT 10 July 2021 • 7:00pm
Taxpayers are to pick up a £35m bill for new seats and stewards at West Ham’s state-owned stadium in east London.
The Exchequer will shell out £14.5m for fresh seating as the club redevelops its West Stand to bring fans close to the pitch. Another £20.5m of public money will go on providing West Ham with stewards over the next four years, according to contracts disclosed by the Government.
Owned by millionaire duo David Gold and David Sullivan and run by Baroness Karren Brady, West Ham pays £3m a year to the taxpayer-backed London Legacy Development Corporation (LLDC) for its stadium, under an agreement dubbed the “deal of the century” when it was struck in 2016. LLDC shoulders the costs of the ground.
Initially built for the Olympics, the stadium racked up losses of £450m in the five years to March 2020, according to accounts filed at Companies House.
Converting it for use by West Ham cost taxpayers £323m, rather than the £190m originally estimated. A spokesman for West Ham United said the tender notice for the stand was at the “very early stage of a process examining costings and ideas for improvements”.
Lyn Garner, LLDC boss, added: “Due to the size of the stadium and its location within Queen Elizabeth Olympic Park, we need enough stewards to keep people safe in the venue and escort them across the public park before and after events.”
Wonder how many "plebs" like me are fully aware of this additional piece of outright robbery , not to mention the original deal & its consequences thereafter ?
About time the media made more of it and brought the average Joe up to speed...
All the moaning & hand wringing ( understandably) about this country's ginormous debt due to the pandemic and yet THIS farce continues year on year.
Taxpayers to pay £20m for West Ham United stewards
The Exchequer will also shell out £14.5m for fresh seating as the club redevelops its West Stand to bring fans close to the pitch
ByOliver Gill, CHIEF BUSINESS CORRESPONDENT 10 July 2021 • 7:00pm
Taxpayers are to pick up a £35m bill for new seats and stewards at West Ham’s state-owned stadium in east London.
The Exchequer will shell out £14.5m for fresh seating as the club redevelops its West Stand to bring fans close to the pitch. Another £20.5m of public money will go on providing West Ham with stewards over the next four years, according to contracts disclosed by the Government.
Owned by millionaire duo David Gold and David Sullivan and run by Baroness Karren Brady, West Ham pays £3m a year to the taxpayer-backed London Legacy Development Corporation (LLDC) for its stadium, under an agreement dubbed the “deal of the century” when it was struck in 2016. LLDC shoulders the costs of the ground.
Initially built for the Olympics, the stadium racked up losses of £450m in the five years to March 2020, according to accounts filed at Companies House.
Converting it for use by West Ham cost taxpayers £323m, rather than the £190m originally estimated. A spokesman for West Ham United said the tender notice for the stand was at the “very early stage of a process examining costings and ideas for improvements”.
Lyn Garner, LLDC boss, added: “Due to the size of the stadium and its location within Queen Elizabeth Olympic Park, we need enough stewards to keep people safe in the venue and escort them across the public park before and after events.”
David Sullivan has apparently rated Declan Rice at £100 million. If he gets that I'm sure he'll relieve the taxpayers of the burden ... not.
Taxpayers to pay £20m for West Ham United stewards
The Exchequer will also shell out £14.5m for fresh seating as the club redevelops its West Stand to bring fans close to the pitch
ByOliver Gill, CHIEF BUSINESS CORRESPONDENT 10 July 2021 • 7:00pm
Taxpayers are to pick up a £35m bill for new seats and stewards at West Ham’s state-owned stadium in east London.
The Exchequer will shell out £14.5m for fresh seating as the club redevelops its West Stand to bring fans close to the pitch. Another £20.5m of public money will go on providing West Ham with stewards over the next four years, according to contracts disclosed by the Government.
Owned by millionaire duo David Gold and David Sullivan and run by Baroness Karren Brady, West Ham pays £3m a year to the taxpayer-backed London Legacy Development Corporation (LLDC) for its stadium, under an agreement dubbed the “deal of the century” when it was struck in 2016. LLDC shoulders the costs of the ground.
Initially built for the Olympics, the stadium racked up losses of £450m in the five years to March 2020, according to accounts filed at Companies House.
Converting it for use by West Ham cost taxpayers £323m, rather than the £190m originally estimated. A spokesman for West Ham United said the tender notice for the stand was at the “very early stage of a process examining costings and ideas for improvements”.
Lyn Garner, LLDC boss, added: “Due to the size of the stadium and its location within Queen Elizabeth Olympic Park, we need enough stewards to keep people safe in the venue and escort them across the public park before and after events.”
David Sullivan has apparently rated Declan Rice at £100 million. If he gets that I'm sure he'll relieve the taxpayers of the burden ... not.
One of the reasons why Sullivan was so keen on Rice jumping ship to play for England, as he would be worth more, when they sold him.
We are being told there is a need for a national athletics stadium. It is irrelevant what size it needs to be, we had one already built. West Ham had a perfectly good ground to play in too.
We are being told there is a need for a national athletics stadium. It is irrelevant what size it needs to be, we had one already built. West Ham had a perfectly good ground to play in too.
We are being told there is a need for a national athletics stadium. It is irrelevant what size it needs to be, we had one already built. West Ham had a perfectly good ground to play in too.
The clever thing about corruption like this is you don't ever have to speak about it. You give funds to the party. That is an indicator that if you get good/favourable treatment, you will return the favour. The dodgy people like Boris note that and realise that where you can oil the wheels, a great investment for the future is to oil the wheels for these people. That is why when he needs something paying for, he tries to get somebody to pay it for him. It didn't cost Boris anything to help them, it cost the taxpayer.
It is harder to do it when you are PM because people can smell the stink. But when he is no longer PM, he can reap what he has sowed. You may ask, why would these people pay for things for an ex PM? It is simple, they are sending a message to everybody else that if you scratch my back, I'll scratch yours.
Another question. Why have paid lobbyists? I mean, surely the only lobbyists out there should be doing it because of a passion for the cause. The reason why this is a successful industry of course is your politician gets more interested when they are courted by paid lobbyists. They are being paid by people who are willing to pay to get something they want. And the more they are being paid, the more interesting they are. You only have to remember the expenses scandal to see how dodgy many of these people are, from all parties.
The answer to the previous question about getting away with it is probably yes. Unless somebody puts a price on helping, rather than take what they are given, and sometimes they aren't given anything, they are unlikely to be caught out directly. Boris is a bit different as he is more corrupt and greedier than others. He knows the system but asks for favours. He is somebody who could one day be caught out.
The clever thing about corruption like this is you don't ever have to speak about it. You give funds to the party. That is an indicator that if you get good/favourable treatment, you will return the favour. The dodgy people like Boris note that and realise that where you can oil the wheels, a great investment for the future is to oil the wheels for these people. That is why when he needs something paying for, he tries to get somebody to pay it for him. It didn't cost Boris anything to help them, it cost the taxpayer.
It is harder to do it when you are PM because people can smell the stink. But when he is no longer PM, he can reap what he has sowed. You may ask, why would these people pay for things for an ex PM? It is simple, they are sending a message to everybody else that if you scratch my back, I'll scratch yours.
Another question. Why have paid lobbyists? I mean, surely the only lobbyists out there should be doing it because of a passion for the cause. The reason why this is a successful industry of course is your politician gets more interested when they are courted by paid lobbyists. They are being paid by people who are willing to pay to get something they want. And the more they are being paid, the more interesting they are. You only have to remember the expenses scandal to see how dodgy many of these people are, from all parties.
The answer to the previous question about getting away with it is probably yes. Unless somebody puts a price on helping, rather than take what they are given, and sometimes they aren't given anything, they are unlikely to be caught out directly. Boris is a bit different as he is more corrupt and greedier than others. He knows the system but asks for favours. He is somebody who could one day be caught out.
Corruption and the London Olympics?
Read this book by Michael Gillard:
Legacy: Gangsters, Corruption and the London Olympics
We are being told there is a need for a national athletics stadium. It is irrelevant what size it needs to be, we had one already built. West Ham had a perfectly good ground to play in too.
My question is probably the same as many others ... are they going to get away scot free?
I fear so; I am not sure which politicians will really run with this now, and why. Certainly not a Tory, when Johnson’s grubby mitts are all over the deal ( unless I suppose, they turn against him down the line, but there are so many other things they could hang on him). The trouble with the London Assembly is that they have a limited remit “ to hold the Mayor to account”. Whatever else they might think of him, no one can blame Khan for this mess, and I would say he has done all he can with this. He basically gave us the inquiry our petition demanded. His right hand man ,- forgot his name for the moment - has looked me in the eye and said West Ham will not be allowed to buy the thing on his watch; the current LLDC CEO is competent , and I think we could claim the previous CEO as our scalp. Lyn Garner has rung a bit more rent out of West Ham. Yet here we are funding even more capital and operating expenditure. I just don’t know which button we can push now.
Mind you that’s an interesting book title you’ve flagged up there, mate, I will get hold of that. Does it touch on the deal at all?
We are being told there is a need for a national athletics stadium. It is irrelevant what size it needs to be, we had one already built. West Ham had a perfectly good ground to play in too.
My question is probably the same as many others ... are they going to get away scot free?
I fear so; I am not sure which politicians will really run with this now, and why. Certainly not a Tory, when Johnson’s grubby mitts are all over the deal ( unless I suppose, they turn against him down the line, but there are so many other things they could hang on him). The trouble with the London Assembly is that they have a limited remit “ to hold the Mayor to account”. Whatever else they might think of him, no one can blame Khan for this mess, and I would say he has done all he can with this. He basically gave us the inquiry our petition demanded. His right hand man ,- forgot his name for the moment - has looked me in the eye and said West Ham will not be allowed to buy the thing on his watch; the current LLDC CEO is competent , and I think we could claim the previous CEO as our scalp. Lyn Garner has rung a bit more rent out of West Ham. Yet here we are funding even more capital and operating expenditure. I just don’t know which button we can push now.
Mind you that’s an interesting book title you’ve flagged up there, mate, I will get hold of that. Does it touch on the deal at all?
Not in any way that helps us ... but the ‘gangster’ element may shock you ... I knew one of them very well when I was in my late teens/early 20’s ... hadn’t heard from him for decades so was astonished to see how much he’d turned to the ‘dark side’.
We are being told there is a need for a national athletics stadium. It is irrelevant what size it needs to be, we had one already built. West Ham had a perfectly good ground to play in too.
My question is probably the same as many others ... are they going to get away scot free?
I fear so; I am not sure which politicians will really run with this now, and why. Certainly not a Tory, when Johnson’s grubby mitts are all over the deal ( unless I suppose, they turn against him down the line, but there are so many other things they could hang on him). The trouble with the London Assembly is that they have a limited remit “ to hold the Mayor to account”. Whatever else they might think of him, no one can blame Khan for this mess, and I would say he has done all he can with this. He basically gave us the inquiry our petition demanded. His right hand man ,- forgot his name for the moment - has looked me in the eye and said West Ham will not be allowed to buy the thing on his watch; the current LLDC CEO is competent , and I think we could claim the previous CEO as our scalp. Lyn Garner has rung a bit more rent out of West Ham. Yet here we are funding even more capital and operating expenditure. I just don’t know which button we can push now.
Mind you that’s an interesting book title you’ve flagged up there, mate, I will get hold of that. Does it touch on the deal at all?
Not in any way that helps us ... but the ‘gangster’ element may shock you ... I knew one of them very well when I was in my late teens/early 20’s ... hadn’t heard from him for decades so was astonished to see how much he’d turned to the ‘dark side’.
Intriguing. I will give it a go. Since I am currently wading through Catherine Belton’s chilling expose of Putin and all his gangsters (Abramovic plans to ruin her in court, so I recommend everyone to buy it before his shameless London lawyers get their way) it’ll probably be a bit of light relief..
They are liable for a big tax bill if sold before March 2023.
The club or the sellers? Or is it tax on the sale of the club?
As I recall ( but I need to look up the details) the LLDC is entitled to a share of profit on the sale of the club made by Gullivan above a certain transaction level, and I thought that clause runs a bit longer than 2023; but I would have to look that up to check. Either way, that isn't tax but a contractual agreement.
West Ham Vice-Chairman Karren Brady’s own website values West Ham at £800m which if true would mean that the owners would need to pay the state London stadium owners nearly £120m if they sold before 2023.
If the owners sold up before March 2023 a calculation within the concessionaire agreement is used to work out how much is paid back to the taxpayer. If the club is sold for £125m or less then no tax is due, 7.5% tax is due if the club is sold between £125m & £150m, 10% tax due between £150-£200m & 12.5% tax between £200-£300m with anything above £300m costing 20% in windfall tax. Like income tax, the calculation has an accumulative effect.
West Ham Vice-Chairman Karren Brady’s own website values West Ham at £800m which if true would mean that the owners would need to pay the state London stadium owners nearly £120m if they sold before 2023.
If the owners sold up before March 2023 a calculation within the concessionaire agreement is used to work out how much is paid back to the taxpayer. If the club is sold for £125m or less then no tax is due, 7.5% tax is due if the club is sold between £125m & £150m, 10% tax due between £150-£200m & 12.5% tax between £200-£300m with anything above £300m costing 20% in windfall tax. Like income tax, the calculation has an accumulative effect.
Hello mate, I would trust you to have a copy of the agreement, so I wont bother to go off and check, but is it really described as a “tax”?
West Ham Vice-Chairman Karren Brady’s own website values West Ham at £800m which if true would mean that the owners would need to pay the state London stadium owners nearly £120m if they sold before 2023.
If the owners sold up before March 2023 a calculation within the concessionaire agreement is used to work out how much is paid back to the taxpayer. If the club is sold for £125m or less then no tax is due, 7.5% tax is due if the club is sold between £125m & £150m, 10% tax due between £150-£200m & 12.5% tax between £200-£300m with anything above £300m costing 20% in windfall tax. Like income tax, the calculation has an accumulative effect.
Hello mate, I would trust you to have a copy of the agreement, so I wont bother to go off and check, but is it really described as a “tax”?
No, I don't have a copy, it just what I seen on various hamster's fan sites.
CityAM had details back in 2016. Article here picks up on it. It does state that this runs up until the summer of 2026, although I thought I had seen 2023 quoted elsewhere before.
@TelMc32 very good article which I completely missed at the time. So I never appreciated that Gullivan can deduct debt from the sale price before divvying up to us taxpayers. Open to a huge fiddle there. Another example of just what a shoddy piece of work that agreement was.
West Ham Vice-Chairman Karren Brady’s own website values West Ham at £800m which if true would mean that the owners would need to pay the state London stadium owners nearly £120m if they sold before 2023.
If the owners sold up before March 2023 a calculation within the concessionaire agreement is used to work out how much is paid back to the taxpayer. If the club is sold for £125m or less then no tax is due, 7.5% tax is due if the club is sold between £125m & £150m, 10% tax due between £150-£200m & 12.5% tax between £200-£300m with anything above £300m costing 20% in windfall tax. Like income tax, the calculation has an accumulative effect.
I read it as follows if sold for £800m but stand to be corrected:
£0 if sold for less than £125m
Then 7.5% of the next tranche between £125m-£150m i.e 7.5% x £50m = £1.9m
Then 10% of the next tranche between £150m-£200m i.e £5m
Then (if sold within 5 years) 20% of the next £100m i.e £20m
Then (if sold within 5 years) 30% of excess above £300m i.e £150m
So total of £177m paid to stadium owners if sold for £800m within 5 years otherwise £7m.
We are being told there is a need for a national athletics stadium. It is irrelevant what size it needs to be, we had one already built. West Ham had a perfectly good ground to play in too.
My question is probably the same as many others ... are they going to get away scot free?
I fear so; I am not sure which politicians will really run with this now, and why. Certainly not a Tory, when Johnson’s grubby mitts are all over the deal ( unless I suppose, they turn against him down the line, but there are so many other things they could hang on him). The trouble with the London Assembly is that they have a limited remit “ to hold the Mayor to account”. Whatever else they might think of him, no one can blame Khan for this mess, and I would say he has done all he can with this. He basically gave us the inquiry our petition demanded. His right hand man ,- forgot his name for the moment - has looked me in the eye and said West Ham will not be allowed to buy the thing on his watch; the current LLDC CEO is competent , and I think we could claim the previous CEO as our scalp. Lyn Garner has rung a bit more rent out of West Ham. Yet here we are funding even more capital and operating expenditure. I just don’t know which button we can push now.
Mind you that’s an interesting book title you’ve flagged up there, mate, I will get hold of that. Does it touch on the deal at all?
Not in any way that helps us ... but the ‘gangster’ element may shock you ... I knew one of them very well when I was in my late teens/early 20’s ... hadn’t heard from him for decades so was astonished to see how much he’d turned to the ‘dark side’.
Intriguing. I will give it a go. Since I am currently wading through Catherine Belton’s chilling expose of Putin and all his gangsters (Abramovic plans to ruin her in court, so I recommend everyone to buy it before his shameless London lawyers get their way) it’ll probably be a bit of light relief..
Just finished it. You gotta read it Prague, it's all about a guy called Hunt, but not Richard. Must be an uncle
Comments
Taxpayers to pay £20m for West Ham United stewards
The Exchequer will also shell out £14.5m for fresh seating as the club redevelops its West Stand to bring fans close to the pitch
Taxpayers are to pick up a £35m bill for new seats and stewards at West Ham’s state-owned stadium in east London.
The Exchequer will shell out £14.5m for fresh seating as the club redevelops its West Stand to bring fans close to the pitch. Another £20.5m of public money will go on providing West Ham with stewards over the next four years, according to contracts disclosed by the Government.
Owned by millionaire duo David Gold and David Sullivan and run by Baroness Karren Brady, West Ham pays £3m a year to the taxpayer-backed London Legacy Development Corporation (LLDC) for its stadium, under an agreement dubbed the “deal of the century” when it was struck in 2016. LLDC shoulders the costs of the ground.
Initially built for the Olympics, the stadium racked up losses of £450m in the five years to March 2020, according to accounts filed at Companies House.
Converting it for use by West Ham cost taxpayers £323m, rather than the £190m originally estimated. A spokesman for West Ham United said the tender notice for the stand was at the “very early stage of a process examining costings and ideas for improvements”.
They added: “The club is always looking at ideas to enhance the overall matchday experience for our supporters... bringing them closer to the pitch.”
Lyn Garner, LLDC boss, added: “Due to the size of the stadium and its location within Queen Elizabeth Olympic Park, we need enough stewards to keep people safe in the venue and escort them across the public park before and after events.”
About time the media made more of it and brought the average Joe up to speed...
All the moaning & hand wringing ( understandably) about this country's ginormous debt due to the pandemic and yet THIS farce continues year on year.
Unfeckinbelievable !
We are being told there is a need for a national athletics stadium. It is irrelevant what size it needs to be, we had one already built. West Ham had a perfectly good ground to play in too.
It is harder to do it when you are PM because people can smell the stink. But when he is no longer PM, he can reap what he has sowed. You may ask, why would these people pay for things for an ex PM? It is simple, they are sending a message to everybody else that if you scratch my back, I'll scratch yours.
Another question. Why have paid lobbyists? I mean, surely the only lobbyists out there should be doing it because of a passion for the cause. The reason why this is a successful industry of course is your politician gets more interested when they are courted by paid lobbyists. They are being paid by people who are willing to pay to get something they want. And the more they are being paid, the more interesting they are. You only have to remember the expenses scandal to see how dodgy many of these people are, from all parties.
The answer to the previous question about getting away with it is probably yes. Unless somebody puts a price on helping, rather than take what they are given, and sometimes they aren't given anything, they are unlikely to be caught out directly. Boris is a bit different as he is more corrupt and greedier than others. He knows the system but asks for favours. He is somebody who could one day be caught out.
Read this book by Michael Gillard:
Legacy: Gangsters, Corruption and the London Olympics
West Ham Vice-Chairman Karren Brady’s own website values West Ham at £800m which if true would mean that the owners would need to pay the state London stadium owners nearly £120m if they sold before 2023.
If the owners sold up before March 2023 a calculation within the concessionaire agreement is used to work out how much is paid back to the taxpayer. If the club is sold for £125m or less then no tax is due, 7.5% tax is due if the club is sold between £125m & £150m, 10% tax due between £150-£200m & 12.5% tax between £200-£300m with anything above £300m costing 20% in windfall tax. Like income tax, the calculation has an accumulative effect.
https://www.cityam.com/revealed-west-ham-owners-free-cash-olympic-stadium-deal/
Not the Olympic Stadium but nearby and involving lots of the same people.
Who really wants a giant sphere showing illuminated adverts 24 hours a day?
£0 if sold for less than £125m
Then 7.5% of the next tranche between £125m-£150m i.e 7.5% x £50m = £1.9m
Then 10% of the next tranche between £150m-£200m i.e £5m
Then (if sold within 5 years) 20% of the next £100m i.e £20m
Then (if sold within 5 years) 30% of excess above £300m i.e £150m
So total of £177m paid to stadium owners if sold for £800m within 5 years otherwise £7m.