Bubbles to burst?
“I’m forever blowing bubbles” the faithful sing at West Ham United. But are these same bubbles to burst in the future?
A 99 year lease has been agreed for the old Olympic Stadium. West Ham, Gold, Sullivan, Brady et al will be mere tenants at a fee to that Council of £2M per annum. Potential for extra revenue “Yes”; modern facility “Yes”; better viewing and atmosphere “No”; affecting Leyton Orient FC “Yes”.
But fans stay and owners go – where is the asset for the succession planning. Players and the ‘name’ is surely not enough. The current Owners are too astute to do this for benevolence or philanthropy. Are they pocketing the monies from the sale of Upton Park? There’s a risk of some commonality to the E.P experience as not owing anything!