Indian conglomerate the Mahindra Group is reportedly in advanced talks over the possibility of acquiring the naming rights to London’s Olympic Stadium, which will become the new home of English Premier League football club West Ham United from the 2016-17 season.
According to UK newspaper The Telegraph, Mahindra is close to concluding a deal worth approximately £6m (€7.6m/$8.6m) per year to serve as naming rights partner of the venue during West Ham’s tenancy.
Under West Ham’s agreement with the London Legacy Development Corporation (LLDC), the first £4m from any naming rights deal will be split between the LLDC and Newham borough. Any amount above this figure will be shared with West Ham, with the newspaper reporting that the club will receive £1m per year should the deal go through.
Last week, the LLDC was ordered to release the full details of its contract with West Ham after an appeal over an earlier application to keep the agreement private was rejected at a tribunal hearing. The LLDC opted not to appeal against the ruling.
West Ham was awarded tenancy of the venue under a 99-year lease in 2013 and at least £272m has been spent converting the facility for use as a Premier League stadium. From when construction work first started on the venue ahead of the 2012 Games, the total cost of the Olympic Stadium will eventually amount to £701m.