Tottenham Hotspur will repackage and sell on the Olympic stadium, claims MP

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5 April 2012

Tottenham Hotspur are planning to "repackage" the Olympic stadium and sell it on to the highest bidder, it was claimed today.

David Lammy MP, who is campaigning for the club to remain at its north London home, said Spurs' main motivation for a move to Stratford was to boost the club's commercial value before a sale.

His comments came as it emerged that Tottenham, who are in a head-to-head race for the stadium with West Ham, expect to raise £150 million by selling the naming rights to the venue in a 10-year deal. Mr Lammy, MP for Tottenham, said: "This is not simply about moving the stadium, it is about repackaging an asset for sale. I am convinced the owners will sell the club and the Olympic stadium. Its location and potential for naming rights makes it a much more valuable proposition for a buyer."

Mr Lammy has written to the National Audit Office calling for an investigation into the appropriate use of public money should the £500 million-plus venue be sold to Spurs, who propose to demolish the existing structure.

Experts believe Spurs has a good chance of clinching a deal given the rising values in the market since Arsenal sold the naming rights of their new home to the Emirates airline in 2004 in a deal worth £100 million over 15 years.

If Spurs stay at White Hart Lane, a revamped stadium there would not be worth anywhere near as much.

Sponsors are much less interested in a venue, such as White Hart Lane, when its name is already common parlance. Successful deals have involved purpose-built stadiums such as the Reebok stadium, home of Bolton Wanderers. A potential £150 million deal, plus additional revenues from shirt sponsorship, are key to Spurs' interest in the move east.

The club propose a 200-year lease on a site, and would create a 60,000 seat football-only venue.

Rival bidders West Ham have budgeted for a £12 million-a-year income from stadium naming rights, even though they are threatened with relegation from the Premier League.

Tim Crow, chief executive of consultancy Synergy Sponsorship, said: "Top club shirt sponsorships are now going for £20 million a year, so £150 million over 10 years for the Olympic stadium would be realistic for Spurs to aim for."

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