West Ham United vice-chair Karren Brady has told the London Assembly that the hopes of attracting a naming rights holder for London Stadium are “dwindling to zero” due to the body’s unrealistic expectations of how much a deal might be worth.
In a letter reported by the Evening Standard newspaper, Baroness Brady said the naming rights were likely worth £2m a year – around half the amount the London Legacy Development Corporation (LLDC) believe a deal is worth.
In response to the LLDC’s chief executive Lyn Garner recently mentioning a figure of £4m and saying it would not countenance selling the naming rights cheaply, Brady said the body’s pursuit of “an inflated price” was diminishing the prospect of a sponsor being found for the venue that has been West Ham’s home since 2016.
Brady explained that now is the time to secure a naming rights deal as it can be incorporated within a wider partnership including shirt sponsorship.
She wrote, according to the Standard: “We will be going to market shortly for a new primary sponsor. The window to sell the naming rights will be impacted once we engage a fresh front of shirt brand partner.
“There needs to be an acceptance that the value in stadium naming rights is not what it once was. Everyone needs to be realistic. Brand partnership with Premier League clubs is in high demand. Stadium naming sponsorship on its own is not.”
At a London Assembly meeting held this week, Mayor Sadiq Khan said he would be open to playing a role in pursuing a sponsor and smoothing relations between West Ham and the LLDC.
West Ham rents the stadium under a 99-year lease but it costs the London taxpayer about £17m a year to keep it open, according to the LLDC which oversees the Olympic Park.
A West Ham spokesman said: “West Ham United has consistently maintained that the income generated at the stadium could be far higher.
“We have made clear that we are open to a new approach and are willing to help grow revenues and reduce costs, while improving the London Stadium experience for West Ham United supporters and other visitors.
“As far as we are concerned, no option is off the table. We welcome dialogue with the mayor to realise the potential of this incredible, iconic asset for the capital.”
