The London Legacy Development Corporation have granted West Ham United FC preferred use of the Olympic Stadium starting in 2016.  I will outline the key points of the agreement below:
#1 - The Stadium was built at a cost of approximately  £500 million pound
#2 - West Ham will pay a fixed rent of £2 million per year for the next 99 years.
#3 - The stadium will undergo £150 million worth of renovation (changing the seating capacity and layout of the stadium) to make it more suitable for football matches
#4 - West Ham will pay  £15 Million pounds towards the above mentioned renovations while the city will pay for the difference.
#5 - All gate receipts (i.e. money from attendance) will be pocketed by West Ham
#6 - The Olympic Stadium was promised to be kept "as a legacy" to help support sports in the community but the League One club Leyton Orient (a club that is closest to the stadium) has been muscled out of negotiations and their request to share the ground have fallen on deaf ears.

So, let's recap: West Ham have been given a state-of-the-art stadium worth over £650m for...  £15m +  £2m a year in rent. In other words, the city (and by extension the citizens of England) are essentially paying for West Ham's stadium.  It would take 325 years of the rent just to pay off the face value of the stadium right now. Not to mention that a fixed rate of 2 million per year for a prime piece of real estate is essentially peanuts and for the next 99 years? Accounting for inflation that's like buying a mansion for for the price of a 98 Honda Civic. Moreover, the rent will easily be covered by gate receipts for a 60,000 seat stadium. 

As a fan of a club that built it's own stadium with it's own means and has had sacrifice so much over the past decade to pay off fixed debts that will end in 2022, I find this whole sitaution abhorable. Aside the questionable morality of forcing the country's citizens to pay for a club's stadium, this whole thing flied in the face of competitive equality. Why is it that one club should be given such a massive handicap whil others have had to toil hard to do it on their own?

You may think I'm being too harsh (although I would disagree) but I'd like to hear your opinions on the matter.

I think any team would jump at that chance. Like you said the 2M a year is nothing. They'll make that in a few months and make profit. Ridiculous how they got a 500M stadium for next to nothing. I don't know exactly how everything works in England but its shocking. I wish Valencia had that instead of selling out hundred of millions to building our own stadium.

Cue debt

what is the capacity of the stadium? 

Lol footaholic u wrote Lodnon

@MR it is 80,000

@Ramaboy & @ MRarse: Actually, the stadium will be a 60,000 seater after the renovations.
That of course, raises a whole host of other questions, chief of which is whether they will be able to fill it. West Ham is a well supported club and many of their games are sold out but I think I am correct in saying that Upton Park currently holds near 35k. That's a big jump and they will have their work cut out for them to almost double their attendances... especially if Big Sam is gonna stick around (which I don't think he will).

@rama: Debt? Hardly call that debt. More like pocket change

@raimondo: Exactly! How do you think all the other clubs that financed their own stadia feel? Certain clubs in La Liga are often criticised for being aided/supported by local governments but this is happening in England... very atypical behaviour for such a "free market" country.

STEAL OF THE CENTURY...

Looks like someone at the West Ham board has been blowing more than bubbles.

@Lodatz lol, nice one!
why West Ham lol? if Chelsea or Spurs get that stadium it would be probably more logic.
But all others London(Or all teams in england) are so jealous.

West Ham must a poor neighborhood to need help of a legacy to build their stadium... Plus they're not good at all.

I just read a piece in Nat'l Geographic about how much money London put into revamping the East End for the Olympics. It's likely location has a lot to do with it.

this stadium will be 54k not 60k. i will do a evaluations on this in the stadium thread with more details soon. i have images coming. but there will also be retractable seating onto the running track. @quikzyyy there isnt jealousy on this as this despites costs is a poor stadium design. also chelsea is in west of london and spurs is in north of london. west ham and site of olympic stadium are in east london so all logic is for west ham to move there (but yes as fh says they have cheated to this on the cheap) clubs in london cannot move from different areas to other areas in london and keep there souls. arsenal moved from south to north last century and that is why spurs doesnt like them. they did it but shouldnt have as it was wrong. so if spurs or chelsea moved there it would be ridiculous imo

it is confirmed also that the current west hams stadium will be removed and converted to homes and retail centre gaining more monies for west hams. seems quite a corrupt operation all this.

Pretty cool plan West Ham have got with their stadium. To take away the tracks and move fans closer to the pitch, they will use a motor machine to push the stands closer to the pitch so the view is much more enjoyable.

Without moving the stands:

When the stands have been moved closer to the pitch:

Outside of the stadium:

Awesome stuff, great deal for West Ham. Their stadium's naming rights will be sold and it's UEFA Category 4. Amazing!

^ I think the word you're looking for is: disgusting.

West Ham don't deserve this.

I think any team would jump on this deal if they could. You call it disgusting, I call it clever business.

You know what? Narcotics production is also "clever business". That doesn't make it right...
Thanks for reminding me about this... was having a good day :/

Being given a huge stadium for virtually free, from the taxpayer, is not "clever business". They should have been charged for the full worth of the stadium, if they wanted it.

Whatever guys. We all do have opinions and different views in the end. Anyway... Lodatz did you get to see the message I sent you on your wall yet?

Was any other team interested in getting the stadium?