West Ham will be repaid for £ 3.6 million after winning a lawsuit against their London Stadium owners, claims a report.
The Hammers, who moved to the location in 2016 after it had been used four years earlier for the Olympic Games in London, were obliged to make a payment of £ 6.5 million as part of their lease agreement with E20 stage, the body This was used by public company London Legacy Development Corporation (LLDC) to manage the stadium.
A London Assembly member of the first lease agreement of West Ham, the 'Deal of the Century', because it benefited the club to the extent.
The conditions of the agreement include a 10-year clause, which expired in 2023, who described in detail how LLDC was entitled to a payment after an interest was sold in the club.
According to The Times, West Ham initially paid LLDC £ 2.6 million after Czech billionaire Daniel Kretinsky bought his interest of 27 percent in the club in 2021.
Kretinsky, who was approved by the government last month as the new man responsible for the Royal Mail, acquired his interest for £ 169 million.
LLDC won an expert provision for an extra £ 3.6 million, which was paid to E20 in March 2023, after he claimed that the initial £ 2.6 million was not enough.
West Ham's parent company WH Holding (WHH) launched an appeal to challenge the £ 3.6 million under the stage Lease Penalty clause, which was added to the agreement so that any increase in the value of the club that took place due to the relocation To London Stadium would be reflected in the reimbursement.
The Supreme Court has now ruled that the determination of experts contained 'two manifesto errors', which means that West Ham will be refunded the amount of £ 3.6 million, unless LLDC is higher.
According to Deputy judge Paul Mitchell KC of the Supreme Court, the expert made a mistake by viewing all stock transactions and share options by West Ham's co-owners David Sullivan and David Gold, who died in 2023, as a single transaction.
'In my opinion, WHH has proven that in this case the determination of experts contains two clear errors. Accordingly, I will allow the statement requested by WHH that the determination is not final and is binding on WHH, “he said.
The judge added that he would also impose an order on costs if no agreement was paid between the club and their stadium owners.
A spokesperson for LLDC said in response to the ruling: 'West Ham appealed against the determination, as has the right to do, and the court established to his advantage.
“We have assessed the judgment and currently assessed our options – including the potential for a profession.”
The owners of the London Stadium will see the statement as a new heavy blow after a long -term period of financial losses.
The last bills of E20 Stadium Group for the 2023-24 financial year showed a huge loss of £ 14.3 million.
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