Sadiq Khan has been urged to help unlock millions in potential naming-rights revenue at the London Stadium as West Ham United continue discussions over the venue’s commercial future.
The London Stadium currently costs the Greater London Authority around £19million per year to operate, while a naming-rights agreement has previously been valued at up to £4m annually.
Bassam Mahfouz, chair of the London Assembly’s economy, culture and skills committee, has now called on the Mayor of London to help bring the relevant parties together.
Newham Voices reports on the fresh London Stadium naming-rights push
West Ham want stadium naming-rights solution
The development is particularly significant because West Ham appear open to finding a solution.
Interim chief executive Karim Virani has told the committee that both West Ham and the stadium are missing out on potential revenue and described the possibility of an agreement as a potential benefit for both sides.
That comes after ReadWestHam previously reported that West Ham’s relegation was adding to the London Stadium’s £19m financial problem.
The club’s Championship status is now expected to cost the GLA an additional £1.8m because West Ham pay less under the terms of their stadium agreement while also playing more home league fixtures.
London Stadium future remains major issue
Naming rights are only one part of a much broader debate.
Khan’s office has already indicated it would consider credible proposals concerning the stadium if they represented value for taxpayers, with ReadWestHam previously covering how the door has opened to West Ham potentially buying the London Stadium.
Another obstacle also disappeared when London’s bid to host the 2029 World Athletics Championships failed.
No naming-rights agreement is imminent.
But with the stadium continuing to lose substantial sums, pressure is growing for City Hall and West Ham to find a commercial solution.
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