West Ham and Tottenham bid for Olympic Stadium 01/10/2010 |
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The deadline for bidding to take over the Olympic Stadium site after the London 2012 Games has passed and the Olympic Park Legacy Company (OPLC), which is overseeing the process, announced the organizations showing interest in the east London arena. The OPLC is hoping to select a tenant by March 2011.
West Ham United formally submitted their bid to take over the 2012 London Olympic stadium after the Games. The club presented a joint bid with the London Borough of Newham to run the facility. The other competitor became clear after Tottenham Hotspur and AEG, the US operator of the O2 Arena, have teamed up to mount a joint bid to lease the facility.
Both Premier League clubs plan to reduce the capacity of the stadium from 80,000 to 60,000 seats. While West Ham would be able to point to local backing, it has debts of nearly £100m. Tottenham, owned by billionaire currency trader Joe Lewis and chief executive Daniel Levy, reported a £33.4m pre-tax profit for 2008-09, and the partnership with AEG may give the OPLC greater comfort on the viability of the £550m stadium beyond 2012. The stadium conversion costs are in the region of £150m.
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