West Ham will have to pay off all their bank debt before their move to the Olympic Stadium, the club's vice-chairman Karren Brady has revealed, reports Sporting Life. The Hammers have debts of £70million, half of that bank debt secured on Upton Park, and that has to be cleared when the ground is sold ahead of the move to the Olympic Stadium in 2016.
Brady was giving evidence to the House of Lords committee on Olympic and Paralympic legacy.
She said: "We did have a tentative deal [for Upton Park] but that fell away. We hope the money generated from the sale of Upton Park will be enough to fulfil our commitment and to help pay off some of our bank debt.
"When we bought the club and took on more than £100million of debt that was guaranteed on the ground. We have to pay off all our bank debt to move, we can't take the debt with us.
"If there is any excess [from Upton Park sale] it will meet some of that debt but I don't expect there will be."
Brady was asked to respond to a claim by former sports minister Richard Caborn that West Ham was getting the £600million stadium for just £15million plus £2million a year rent with the tax-payer picking up the tab.
Brady defended the deal however, saying: "The alternative scenario does not bear thinking about.
"West Ham is not getting a free stadium. The stadium was built for the Olympics and what are we going to do with it? Across the world stadiums that are not use die.
"Without anchor tenants the cost would be huge to the tax payer."
She added that West Ham would generate "many hundreds of millions of pounds" over the 100-year lease.