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Finance expert reveals £300m losses after West Ham United stadium agreement

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Football finance expert Kieran Maguire has shared that E20 Stadium LLC has already made losses of over £300million, having signed a long agreement with West Ham United.

E20 had been set up to manage the London Stadium and ensure that the former Olympic Stadium remained integrated with the local area, help with local rejuvenation and create long-term links with local sports clubs to ultimately deliver a financial return.

Part of that deal was seeing the stadium sign a long-term agreement with West Ham for the Irons to use the stadium as their home ground on a 99-year lease that began in 2016, with an initial agreement of £2.5million a year, now £3.5million to use the stadium.

Explaining the state of the contract on The Price of Football (25 September) Maguire said: “They (West Ham) pay the rent for the matches in which they participate. If you take a look at the running costs of E20 Stadium LLC, you will find that the running costs are high because E20 signed what we refer to as an onerous contract.

“Which is where you’re effectively renting out something and you’ve made such a hash of the deal and you’re locked into it for a long period of time. I was looking at the latest E20 accounts and they’ve already made losses of over £300million.

“They had a £7million floodlight upgrade, now West Ham have benefitted from that, but West Ham didn’t have to pay a penny. They’ve got an agreement with UK athletics that when there’s an athletics tournament, is that E20 Stadium are responsible for the reconfiguration of the seats. That costs an absolute fortune.”

For the Hammers, this stadium ownership model is ultimately quite a helpful deal, as they’re getting the benefits of stadium upgrades without having to be the people shelling out the money to build things like new floodlights or take down temporary athletic seating.

Now that also means that West Ham are missing out on the opportunity to rent the stadium out during the off-season and profit from that, as many clubs often do with concerts and fan events following the conclusion of the league campaign.

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There have been suggestions that the Irons would be open to purchasing the stadium in the future, but currently, their high rental costs are still well below what would be required to run the stadium permanently so a deal to purchase would make little sense.

Despite the onerous contract that Maguire explained, the Hammers are the party to benefit from the “hash of the deal,” even if they don’t necessarily own their stadium.

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European Leagues

Juventus fire Allegri after cup final antics

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Juventus have sacked Massimiliano Allegri two days after he led the side to the Italian Cup. The Turin side beat Atalanta 1-0 in Rome,

Juventus have sacked Massimiliano Allegri two days after he led the side to the Italian Cup.

The Turin side beat Atalanta 1-0 in Rome, but Allegri was sent off late on for ranting at match officials and waving away sporting director during the celebrations.

The Italian Football Federation’s disciplinary tribunal has launched an investigation into Allegri.

And yesterday ,Juventus confirmed he was no longer their boss.

“The dismissal follows certain behaviors during and after the Italian Cup final which the club deemed incompatible with the values of

Juventus and with the behavior that those who represent it must adopt,” a statement read.

Juve’s 1-0 win over Atalanta, thanks to Dusan Vlahovic’s early goal, gave Allegri a record fifth Coppa Italia as a manager.

“If I am no longer the Juventus coach next year, I will leave a strong team. The club will make its evaluations,” he said in the post-match news conference.

Even before his antics at the Stadio Olimpico, the 56-year-old had been expected to lose his job and be replaced by Bologna coach Thiago Motta.

But now he will not be there for the final two Serie A games against Bologna and Monza.

“The company wishes Massimiliano Allegri good luck in his future projects,” ended the statement..

Allegri was in charge of Juventus from 2014 until 2019, winning the title in each of his five seasons, as well as four Italian Cups and reaching the Champions League final twice.

He left by mutual consent at the end of the 2018-19 season – and did not work again for two years, until he was re-appointed as Juventus manager at the start of 2021-22.

However his second spell failed to live up to the first and Wednesday’s Italian Cup was their only silverware in that time.

They finished fourth and seventh in his two full seasons – and currently sit fourth.

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Juventus nearly sacked Allegri after Italian Cup row

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Massimiliano Allegri was close to being sacked by Juventus after exploding with anger during his team’s midweek Italian Cup triumph

Massimiliano Allegri was close to being sacked by Juventus after exploding with anger during his team’s midweek Italian Cup triumph, according to widespread reports in local media.

Juventus won their 15th Italian Cup on Wednesday night but Allegri burst into a rage, first being sent off in the final minutes after ranting at match officials and then waving away sporting director Cristiano Giuntoli during the post-match celebrations.

And Juve are now set to fire Allegri, who was already widely rumoured to be replaced by Bologna coach Thiago Motta in the summer, with two matches of the season remaining.

Juventus sit fourth in Serie A after collecting just 15 points in their last 15 league matches. They are at Bologna on Monday night. The two are teams level on 67 points and both have already qualified for next season’s revamped Champions League.

Italian media reported that Juve are evaluating whether to dismiss Allegri with just cause for his behaviour on Wednesday night, when he is also alleged to have manhandled and threatened the chief editor of newspaper Tuttosport before the post-match press conference.

Such a move would potentially save the club from paying Allegri the remaining year of his contract, which is worth around seven million euros before bonuses.

The Italian Football Federation’s disciplinary tribunal has launched an investigation into Allegri, who on Wednesday almost accidentally confirmed that this season would be his last at the Turin giants.

Allegri was on Thursday given an automatic two-match ban in the cup for his straight red card but could receive further punishment.

 

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Man City move close to history – thanks to unlikely hero Romero

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Manchester City saw an unlikely hero emerge from their galaxy of superstars to make a potentially defining contribution in their pursuit of

Manchester City saw an unlikely hero emerge from their galaxy of superstars to make a potentially defining contribution in their pursuit of an unprecedented fourth successive Premier League title.

Pep Guardiola rightly acted with caution when he removed keeper Ederson, with City leading 1-0, after he suffered a nasty blow to the head in a heavy collision at the foot of his post with Tottenham defender Cristian Romero.

Ederson, who had a problem with his eye, did not look happy with the decision – taken upon advice from the club doctor – but his manager was perfectly justified, not just acting in the best interests of the Brazilian keeper but also because he has complete trust in his replacement Stefan Ortega.

And in a 21-minute cameo of the highest quality, Ortega – who has performed with distinction every time he has deputised for Ederson this season – may well have rubber-stamped City’s sixth title in seven seasons.

When the final whistle sounded and the club stood one win away from being champions again, Guardiola headed straight for Ortega and greeted the German with a kiss on the cheek for his crucial contribution. It was richly deserved.

Guardiola did not hold back with the praise as he said: “Ortega is a world-class goalkeeper. An exceptional, exceptional goalkeeper. Ederson did not have concussion, he had a problem with his eye. He could not see properly so the doctor said I should change.”

Spurs made a complete mockery of the cynics who suggested they may ease off because any sort of positive result could potentially give rivals Arsenal their first Premier League title in 20 years.

Ange Postecoglou’s fifth-placed side were fully committed in chasing a goal of their own as they went after a place in the Champions League and it was not for any lack of effort as they came so close to upsetting City’s traditional title charge. They were left disappointed in the end as defeat confirmed Aston Villa’s fourth-placed finish and they will now join European football’s top table.

Ortega’s impact was instant, denying Spurs substitute Dejan Kulusevski with a good save and then the same player shortly afterwards as City almost paid the price for a performance that was not one of their best.

The biggest moment came in the closing minutes, with City clinging on to a one-goal lead, when Son Heung-min collected the ball and raced clear with only Ortega to beat. It was the sort of opportunity the South Korean has taken with aplomb so many times in his Spurs career.

BBC

 

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