West Ham will be anchor tenants for the Olympic Stadium after the government agreed to put in an extra £25m towards the costs of converting the venue.
The additional money takes the Treasury’s contribution to around £60m.
Adapting the stadium could cost between £150m and £190m.
But the deal was secured only after West Ham agreed to increase their own funding of the project by £5m, to £15m. They will move in from August 2016 and pay around £2m a year
“We will only go there if it is fit for use. I won’t go there if I have to look over a running track. But I believe we are in a once-in-a-lifetime opportunity. Let’s face it – they’ve built a stadium, albeit the wrong shape and size”
David GoldWest Ham co-owner, speaking on 4 March
Under conversion plans, the roof will be extended and the seating capacity reduced from 80,000 to 60,000, with a retractable system allowing the venue to be converted from an athletics arena to football stadium within days.
Seats will slide over the running track to bring West Ham fans closer to the action.
The London Legacy Development Corporation (LLDC) will begin work on the roof in the autumn and officials hope it will be ready for the autumn of 2015