1. ITV Report

Olympic stadium new dawn with West Ham will cost taxpayers millions

West Ham Olympic deal will cost taxpayers millions Photo: Anna Gowthorpe/PA Wire

West Ham will officially be named today as the main tenant of London's Olympic stadium in a deal which will cost taxpayers millions of pounds.

Goodbye Upton Park Credit: Tony Harris/PA

The east London Premier League club has agreed a 99-year deal to play 25 games-a-season in the former London 2012 showpiece venue. The cost of converting the £429m stadium into a football ground - with a new roof and retractable seating - could be as much as £200m. West Ham has agreed to contribute £15m. Newham Council will lend a further £40m with the balance coming from taxpayers.

People sit in the Olympic Park and watch the swimming event on a huge TV-Screen in front of the Olympic Stadium during the Games Credit: Christian Charisius/DPA/Press Association Images

Ministers have agreed to add another £25m to public funds already allocated to the post-games transformation of the Olympic park. Officials at City Hall refused to disclose the financial details of West Ham's lease but if the club is sold, the public purse will be entitled to a share of the profits. The stadium's capacity will reduce from 80,000 seats to 54,000 in time for the first home game of the 2016 season.