West Ham could have the opportunity to buy the London Stadium for around £50m, but Hammers News can exclusively reveal the club remains reluctant to take ownership despite the seemingly attractive price.

After reporting that London Mayor Sadiq Khan was open to considering a credible proposal to sell the Stratford arena, a senior source inside West Ham argued that the stadium was worth “zero” to the club without additional land or property being included in a deal.

But when we put it to West Ham whether the figure represented a golden opportunity too good to turn down, the response was emphatic.

A leading source inside the club has now outlined five major reasons why West Ham remain reluctant to buy their home ground, highlighting the financial liabilities and contractual complications that could make ownership a costly exercise.

1. West Ham could inherit a £20m annual loss

The most significant obstacle is the stadium’s financial burden.

West Ham currently pay around £2.5m a year in the Championship, with rent rising to around £4m or more in the Premier League. That gives the club the benefit of a long-term tenancy without assuming the full financial responsibility for running the venue.

Our leading West Ham source warns that buying the stadium would effectively “walk you into a £20m a season loss”.

That is a stark warning for anyone considering the £50m purchase price. The acquisition cost would be only the beginning, with ownership potentially exposing West Ham to substantial ongoing operating costs.

2. Catering revenue is not the jackpot fans might expect

West Ham supporters have pointed to increased takings from catering at the London Stadium as a big reason to buy the ground and grow revenue streams. At present the club receives only a small portion of the money generated by catering at the ground.

Ownership might appear to offer a straightforward solution, but the source was blunt about the potential rewards.

“Catering revenue is tiny, net of costs,” the source told Hammers News.

In other words, taking control of food and drink sales would not necessarily generate the significant additional income supporters might imagine. The costs associated with running the operation would need to be accounted for, too.

3. Naming rights have proved difficult to sell

A further attraction of stadium ownership would be greater control over a naming-rights agreement along with full profits from any deal.

At present, West Ham would receive only a limited share of any deal, but the source highlighted a major problem with assuming ownership would unlock a lucrative new income stream.

“Nobody has bought the naming rights in the decade or so they have been available,” the source said.

That is a sobering reminder that commercial opportunities are not guaranteed to translate into revenue, even for a venue capable of hosting major sporting and entertainment events.

4. Major maintenance bills could be looming

The initial £50m price could also be dwarfed by the cost of maintaining and improving the stadium over the longer term.

The source warned that there could be “heavy capital expenditure coming up in next 10 years”, with the roof, bridges leading to the ground and other infrastructure requiring significant investment.

West Ham fans might argue that money needs to be spent soon given the number of leaks in the roof that they were told would keep every supporter covered from rain.

As tenants, West Ham do not automatically assume every cost associated with owning and maintaining the entire stadium. Buying it would change that equation, potentially leaving the club responsible for substantial additional expenditure.

5. The UK Athletics agreement remains a major obstacle

The final complication is the long-term UK Athletics agreement at the former Olympic Stadium.

West Ham’s football tenancy runs alongside UK Athletics’ 50-year concession, making any attempt to transform the venue into a stadium designed primarily around football significantly more complicated.

Relocating UK Athletics to the redeveloped Alexander Stadium in Birmingham has been mooted as a possible solution if West Ham were to buy the ground. However, that is not a confirmed plan, and the existing agreement remains a major obstacle.

For supporters who want the stands brought closer to the pitch and a ground better suited to football, this may be the most frustrating issue of all.

The apparent £50m opportunity therefore comes with considerable strings attached.

Amanda Staveley had made clear her ambition to acquire both West Ham and the stadium, while Daniel Kretinsky’s long-term intentions remain less certain.

For now, the club’s position appears clear: the purchase price alone does not make ownership attractive. Unless the financial burden, commercial limitations and UK Athletics agreement can be addressed, West Ham may remain reluctant to take the keys to their own home.