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Hammers get £40m backing for Olympic Stadium move

West Ham United Football Club is set to receive a £40m loan organised by Newman Council if it is successful with its bid for the 2012 Olympic Stadium.

The loan, acquired by the Labour run council from the treasury, will be given to the club if it is successful over fellow Premier League side Tottenham Hotspur in the decision to be made at the end of January.

Council chief Kin Bromley-Derry refused to comment on details of the agreement.

Bromley-Derry said: "We are unable to comment on financial aspects of the Newham Council and West Ham United bid for the Olympic Stadium because of a confidentiality agreement with the Olympic Park Legacy Company.

"However our proposal offers a strong financial package with no further call on the public purse."

A decision from the Olympic Park Legacy Committee is expected on January 28th with the Hammers planning to keep the running track whilst reducing the stadium’s capacity should the club be successful.

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