London Stadium owners E20 have revealed they received almost £7.4m income from the settlement of a number of disputes in meeting papers for the LLDC Investment committee due to meet later today.
Although they don’t reveal who these disputes were with or the nature of them there is a high probability these relate to ongoing legal disputes with West Ham.
In March Lyn Garner, CEO of the LLDC, told a London assembly meeting there was ‘a continuing, significant financial and legal dispute with West Ham.’
Earlier this year media reports suggests E20 were in a legal dispute with West Ham around how much money LLDC are due from an investment in the club by Czech businessman Daniel Kretinsky in November 2021 when Daniel Kretinsky paid £168.75m for a 27 per cent stake in West Ham.
Under the terms of the stadium lease, West Ham had to pay LLDC a fee if the club’s owners financially benefited from the move to the stadium within 10 years of signing the agreement, for example by selling part of the club. The Kretinsky investment was inside the 10-year period that began when West Ham signed their deal in March 2013, to move in from the 2016-17 season.
West Ham have paid LLDC a penalty clause worth £2.6m, but the LLDC claimed they were contractually due more. The exact sum is not in the public domain but it is understood the agreement between the parties specifies a figure or percentage that LLDC are due as a ‘Stadium Premium Amount’.