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ARTICLE · 10 MARCH 2025

WH Holding Ltd v E20 Stadium LLP

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Under a Concession Agreement dated 22 March 2013, E20 granted WH rights to use the London Olympic Stadium during the football season as a home ground for West Ham United, a football club wholly owned by WH.

United KingdomReal Estate and Construction
Ted Lowery
Ted Lowery
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[2025] EWHC 140 (Comm)

In the Commercial Court
Before Paul Mitchell KC sitting as a Deputy High Court Judge
Judgment delivered 27 January 2025

The facts

Under a Concession Agreement dated 22 March 2013, E20 granted WH rights to use the London Olympic Stadium during the football season as a home ground for West Ham United, a football club wholly owned by WH. Clause 20 of the Concession Agreement comprised an "anti-embarrassment" provision whereby E20 was entitled to share in any gains made by the shareholders of WH in connection with a sale or transfer of interests in West Ham United. In that event, clause 20 required WH to pay to E20 a share of any profits made by the shareholders – defined as the Stadium Premium Amount – and included detailed arrangements for calculating this amount. Clause 50 of the Concession Agreement provided that any dispute relating to clause 20 was to be referred to an expert whose decision was to be final and binding in the absence

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