West Ham now have chance to strike £120m deal as off-pitch mass exodus confirmed

West Ham know that the door is opening for them to potentially complete a historic £120m off-pitch deal.

This summer will be one of transition for the Hammers, who are under new management in the form of Julen Lopetegui.

And there are also significant goings on behind the scenes that could have a real impact on their financial position for years to come.

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Besides the GSB regime’s hunt for investment, which has seen Karren Brady jet out to the Middle East to search for suitors, a significant catalyst for change will involve West Ham’s 68,000-seater home ground.

Behind-scenes change could pave way for London Stadium naming rights deal

As reported by industry publication Housing Today, London Legacy Development Corporation are set to downsize dramatically later this year.

LLDC are a publicly-funded body responsible for the Olympic Park and broader aspects of the 2012 Olympic legacy initiative.

That includes the London Stadium, for which they are essentially landlords, banking £4m per season from West Ham.

The downsizing will see LLDC chief executive Lyn Garner and chairman Lord Peter Hendry leave the organisation.

The relationship between West Ham and LLDC has famously been turbulent.

For example, West Ham have been frustrated that LLDC has failed to secure a naming rights deal, for which the club would be entitled to a 50 per cent split of any deal over £4m per season.

But the transition away from Garner and Hendry could prove to be the catalyst for the Hammers to strike an extended lease at the stadium, or even an outright buyout.

That in turn would give them the right to sell the sponsorship rights for the venue.

West Ham could be worth £120m

By saying that a naming rights deal could reduce the annual deficit of LLDC to around £10m last year, the group has suggested it thinks a £20m-a-year deal is possible.

In reality, that is almost certainly well above the price that the Irons could hope to achieve.

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A charitable estimate would put the true figure probably closer to £12m.

Extrapolated over the course of an often-mooted 10-year deal, that could be worth up to £120m to West Ham, if they did decide to further formalise their ties with the London Stadium.