Latest news with #LLDC
The Sun
4 days ago
- Business
- The Sun
Iconic Premier League stadium in turmoil after failing to land naming rights deal TWO YEARS after it was promised
WEST HAM UNITED's London Stadium is facing major financial difficulties. Officials admit the elusive naming rights may not materialise until 2028 - two years after it was promised. 3 3 3 Despite repeated assurances from stadium bosses that a deal was imminent, the venue's owners have been unable to secure a sponsor to help cover the mounting losses. The situation has grown so dire that the London Legacy Development Corporation (LLDC) — which owned the stadium until March — has warned of 'significant risk' in securing a deal in the near future. The Times is reporting that the crisis was outlined in a draft of the LLDC's annual report. The report reveals a worrying financial picture for the iconic stadium. In March, ownership of the venue was transferred to the Greater London Authority (GLA). The report also raised eyebrows over the generous payouts received by former LLDC chief executive, Lyn Garner. Garner was awarded a £228,000 severance package on top of her £304,000 salary after stepping down from the LLDC post. She was quickly appointed chairwoman of the London Stadium's new board, despite her new role being part-time and non-executive. A GLA spokesman defended the move, stating her 'wealth of skills and experience' made her a valuable appointment. Five other senior LLDC executives were also given payouts ranging from £91,000 to £151,000 following the restructuring. Meanwhile, the long-promised naming rights deal remains elusive. Will 'hothead' Kudus fit in at Tottenham after controversial West Ham exit? | Transfers Exposed In early 2023, Garner was confident that an agreement would be reached before the end of the year, but that hope never materialised. Any deal must be approved by West Ham, who share in any income above £4million per year from such agreements. Further complicating matters, West Ham and stadium owners are embroiled in a dispute over costs for staging Women's Super League (WSL) matches. Under the terms of their 2013 concession agreement, the stadium's owners are responsible for expenses like stewarding, security, and electricity, which can add up to around £100,000 per Premier League match. West Ham has offered to cover some of these costs for WSL games, but the offer has yet to be accepted by the London Stadium.
Times
5 days ago
- Business
- Times
Fears grow about lack of London Stadium naming rights deal
A naming rights deal for the London Stadium looks as elusive as ever after venue chiefs admitted there was 'a significant risk' that no sponsor will be found before 2028. The owners of the stadium, which is occupied by West Ham United for most of the year, have been unable to secure a deal to reduce the venue's losses despite previously claiming one was imminent. The risk of a continuing failure is spelt out in the draft annual report of the London Legacy Development Corporation (LLDC), which owned the stadium until March, when it transferred to be directly under the Greater London Authority. The report also reveals that Lyn Garner, the LLDC's chief executive until March, received a £228,000 payoff for stepping down from the position on top of her £304,000 salary, only to be appointed as the chairwoman of the London Stadium's new board. 'Lyn's full-time role as chief executive of LLDC became redundant after a restructure and she received compensation in line with policy and procedures,' a GLA spokesman said. 'Her role at the London Stadium is part-time and is a non-executive role. Her appointment was made in line with policy and she brings a wealth of skills and experience to leading the London Stadium board.' Five other LLDC executives also received payoffs of between £91,000 and £151,000. In early 2023, Garner told the London Assembly she was 'very confident' that it would finally agree a naming rights deal for the loss-making stadium that year but it never happened. West Ham have to agree to any deal and the club shares any income worth more than £4million a year. Meanwhile, West Ham are still in a dispute with the London Stadium owners over who should pick up the costs of staging matches involving their Women's Super League (WSL) team. The club's 2013 concession agreement to use the stadium — labelled as the 'deal of the century' by one London Assembly member — makes the venue's owners responsible for paying costs such as stewarding, security and electricity, which are thought to be about £100,000 for a Premier League match. West Ham are understood to have offered to pay some of the costs for staging a WSL match there — and make a financial loss in doing so — but that offer has not been accepted by the London Stadium. 'We cannot ask London's taxpayers to subsidise the cost of West Ham putting on these matches,' a London Stadium spokesman said. Plans in place for Lionesses parade The FA has pencilled in a victory celebration in central London for Tuesday should England overcome Spain in the Women's Euro 2025 final on Sunday. The plan is understood to include a parade in the capital with a gathering in or near The Mall for the players to display the trophy, but the FA is keeping its cards close to its chest so as not to distract from preparations for the final in Basel, Switzerland. Top teams to cash in with new TV deal The Premier League's new television deal, which starts next month, will mean 70 more matches a season are shown live — which is likely to mean even more money for the top teams. Clubs are paid a 'facility fee' for every live match they take part in and last season each match was worth £890,000. Liverpool, the champions, earned £24.9million and Ipswich Town, who finished 19th, the minimum figure of £8.9million. Next season, every Premier League match will be live on TV apart from those played at 3pm on Saturday, so that will guarantee a facility fee for all clubs whose games are moved due to them playing midweek fixtures in Europe. The plus side for the smaller clubs is that they should also get more money, but just not as much as the bigger ones. Triathlon trouble World Triathlon's reputation has been dealt a serious blow after the Court of Arbitration for Sport ruled that Uruguay's executive board member, Líber García, breached its anti-corruption policy in the lead up to last year's presidential election. It found that García had implied to Australia's Michelle Cooper, a rival candidate to the eventual winner Antonio Fernández Arimany, that she would lose her place on the board if she did not withdraw from the contest. Britain's candidate for the election, Ian Howard, whose campaign was backed by £12,000 of public funding from UK Sport, told World Triathlon's congress in October: 'We stand at a crossroads, you can choose more of the same and see the reputation of our federation increasingly damaged: unholy alliances, dodgy deals, dirty tricks.' 'Emperor' Infantino Football's international players' union, Fifpro, has accused Fifa and its president, Gianni Infantino, of 'autocratic' leadership. 'Football needs responsible leadership, not emperors,' Fifpro said in a statement after a meeting of 58 national player unions, in response to Fifa announcing an agreement with unrecognised player representatives. Infantino hosted that summit in New York but Fifpro and the English PFA — who have ongoing legal action against Fifa in the European courts — were not invited.
