March 22 (Bloomberg) -- Premier League soccer club West Ham will become the new tenant of London’s Olympic Stadium from 2016 after the U.K. government agreed to pay 25 million pounds ($38 million) to help refurbish the venue, the British Broadcasting Corp. reported.
Total cost to change the centerpiece of the London 2012 Olympic and Paralympic Games into a venue suitable for a soccer team will be as much as 190 million pounds, the BBC said on its website.
The stadium roof will be extended, while seating capacity will be reduced by 20,000 to 60,000. The stadium will keep its running track, with seats sliding over it during soccer matches.
An agreement was struck after West Ham boosted its own contribution to 15 million pounds, from an initial 5 million pounds. The club will pay 2 million pounds rent a year. The U.K. Treasury’s contributions will now total 60 million pounds.
To contact the reporter on this story: Danielle Rossingh in London at email@example.com
To contact the editor responsible for this story: Danielle Rossingh at firstname.lastname@example.org