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West Ham’s unloved stadium has become red flag for potential buyersSupporters want owners to sell, but the club’s valuation pales in comparison to London rivals
West Ham pay low rent on their 99-year lease on London Stadium but because they do not own the ground they are limited when it comes to revenue growthCredit: Getty Images/Vince Mignott
Tim Wigmore17 September 2025 6:01am BST“No more BS”. The signs at London Stadium on Saturday demonstrated West Ham fans’ desperation. Mass protests during the
3-0 defeat by Tottenham Hotspur aimed to pressurise Karren Brady and David Sullivan, the vice-chair and chairman, into selling the club.Two weeks ago, West Ham’s official fan advisory board – which claims to represent 25,000 supporters – issued a
letter of no confidence in the board.But, so far, West Ham’s owners have not given any public indications of being open to a sale. Then again, owners seldom do: after all, to admit to a desire to sell is to tacitly lower the value of the asset.The dynamics at West Ham suggest a sale is possible, however. Brady and Sullivan have been in their posts for 15 years; Sullivan, who owns 38.8 per cent of the club, would make tens of millions in profit if he sold up. So would Daniel Kretinsky, the Czech billionaire who owns 27 per cent. There have already been strong suggestions that Vanessa Gold, who owns 25.1 per cent after her father David died two years ago, is keen to sell.
David Sullivan (right) is under pressure to sell after 15 years as West Ham co-ownerCredit: Getty Images/Robbie Jay BarrattAfter Daniel Levy’s departure as Tottenham chairman, there have already been two declarations of interest in buying Spurs. Enic Sports & Developments Holdings Ltd – which has an almost 87 per cent stake in the club – has
denied that Tottenham are for sale though.Advertisement
Spurs’ situation is relevant for West Ham. Last Monday, Tottenham said they received an approach to sell from
PCP International Finance Limited, which is fronted by Amanda Staveley, who led the Saudi Arabian takeover of Newcastle United.PCP International Finance subsequently said that it did not intend to make an offer for Tottenham. Under UK takeover rules, PCP is now barred from returning with an offer for the club over the next six months. But in the meantime, it is free to make inquiries with West Ham, should it wish to.For prospective buyers, the existing owners – and the fans who desire them gone – the salient question is simple. How much are West Ham worth?
West Ham are in turmoil and are becoming an increasingly unattractive option for would-be investorsLondon premiumWest Ham’s most obvious advantage is geography. Any capital club attract a significant London premium. All other things being equal, a Premier League side based in the capital would reasonably be likely to be sold for about 25 per cent more than one in a less-desirable location, says Kieran Maguire, author of
The Price of Football.The discrepancy is largely explained by the greater affluence of London football-goers. The three biggest London clubs, Chelsea, Spurs and Arsenal, generate 23 per cent more from each match-day fan than Liverpool and Manchester United.But London’s appeal transcends wealth alone. Owning a London club is not just a financial investment; it is also a status symbol, a way of showing off to friends and business partners. An equally successful club in, say, Bournemouth will never command the same worth.
Stadium ‘curse’For all the general dynamics that inform West Ham’s value, perhaps most important is the club’s unique stadium arrangement. In 2013, West Ham made London Stadium their new home on a 99-year lease. Under the agreement with City Hall and the London Legacy Development Corporation, West Ham received benefits that equated to a public subsidy of about £700m; like winning the lottery, Arsène Wenger said.West Ham’s rent amounts to less than the costs of running the venue. The stadium is effectively subsidised by about £10m a year. “Brady negotiated a great deal on behalf of West Ham,” Maguire says. “She should be applauded for that, unless you’re a taxpayer.”While London Stadium is West Ham’s greatest asset, it is simultaneously a curse. West Ham benefit from the cheap rent and big crowds. But they do not control the infrastructure – limiting their revenue growth and ultimately capping their valuation.For West Ham, London Stadium has become a little less desirable with every extra year that the club have played there. The stadium sits uncomfortably with changing Premier League dynamics.With
UK broadcasting rights declining by 31 per cent in real terms – that is, accounting for inflation – clubs have become more creative in how they generate cash. Across the Premier League, broadcasting rights accounted for 60 per cent of total revenue in 2016-17, but just 52 per cent in 2023-24.Clubs like Tottenham are
aggressively positioning their venues as marquee stadiums for the best music artists to perform at, allowing the stadium to generate cash outside match days. London Stadium generates cash in this way, too – but this bounty goes to the London Legacy Development Corporation, not West Ham. Even if Taylor Swift performed at London Stadium, it would not help West Ham.“Because West Ham don’t own the ground, they can’t sweat the asset in the way Spurs or Arsenal can,” says Dr Paul Widdop, a reader in sport business at Manchester Metropolitan University.Spurs’
potential to acquire a naming-rights partner for the ground inflates the club’s value. West Ham could not sell the naming rights to London Stadium in the same way. This leaves the club “without the financial autonomy that would normally drive a premium in any sale”. Should Spurs sell their naming rights, these could be worth as much as £25m a year – £250m over a decade.West Ham retain the bulk of the cash that the stadium generates on match days. But such revenue is limited because the ground is not a purpose-built, football-first ground.Many seats have a poor view; the facilities are also far less conducive for extracting money from fans as those at tailor-made venues.While Spurs generated an average of £84 from each match-going fan in 2023-24, Maguire calculates, West Ham earned just £27.The stadium is also immensely unpopular with West Ham fans, especially compared to their previous home Upton Park. It often has many empty seats and has become a hotspot for “football tourists”.
On-field strugglesCurrent on-field performance is also off-putting for potential investors. After coming 14th last year, a lack of summer investment, and a poor start to this season, has raised fears that West Ham could be relegated.Any prospective investors would factor in the risk of relegation, either this year or in the coming seasons. Were the side sold when at grave peril of demotion, or already relegated, this could knock several £100m off the club’s value.West Ham’s ability to command high fees for the squad’s existing talent is limited. So far this season, the average age of West Ham’s starting XI is closer to 28 than 27, the fifth oldest in the Premier League. Jarrod Bowen and Lucas Paquetá, who are regarded as the squad’s two most valuable players, are both 28, past the age when they would be likely to command a peak transfer fee.
So, how much are West Ham worth?And so, if they were sold, the two clubs who met last weekend would command vastly different values. Tottenham’s total price would be
likely to exceed £3bn, possibly reaching as high as £3.4bn. This reflects not just the greater value of Spurs’ squad, but also the income derived from Champions League football and, above all, the club’s prowess in monetising their ground. Despite their prime location, West Ham lack these advantages.West Ham’s annual revenue was £277m last year. Leading teams are typically sold for around five times their annual revenue. But West Ham’s circumstances mean that the club will not receive anything like that much.Even Brady has acknowledged this. In 2020, writing on her website, she claimed that West Ham were valued at £800m. A year later, Kretinsky bought a 27 per cent stake for about £180m, implying that the club’s total value was £660m.“Investors – particularly those from North America – see ownership of real estate as a major component of their sports strategies, so non-ownership is likely to limit the pool of potential buyers and the valuation of the club as a whole,” says Nic Hamer from Oakwell Sports Advisory. He believes that West Ham could be sold for in the region of two to three times the club’s annual valuation, suggesting a total price of up to £830m.If they are convinced to sell, Brady and Sullivan would ideally like £1bn, Maguire believes. “It will involve good negotiation, but it’s not impossible.”Premier League clubs – let alone those based in London – are rarely for sale. As in the sale of any sports team, billionaires’ vanity could drive up the price of West Ham beyond their expected worth. But that is still likely to be around a third of Tottenham.
FFS!