Premier League football club West Ham United has sold their historic Upton Park home ground to developers planning an East End “village” which will include the construction of 700 new homes.
The sale to property firm Galliard marks the end of over a 100 years of football at the Boleyn Ground Stadium.
The deal comes less than a year after the announcement that West Ham would move to make their new home at the new Olympic stadium in Stratford.
According to the Evening Standard, no financial details have been disclosed yet, but it is believed that the club will raise less than the £71.2m that the 35,016 seater stadium is valued at in its accounts.
Once fully developed however, the site will be worth hundreds of millions of pounds.
Galliard chairman and chief executive Stephen Conway said: “Galliard now plan to undertake extensive consultation with local residents and businesses and the West Ham United Supporter Advisory Board in order to create a future for the site, which is respectful of the cultural and economic diversity of the local area.”
West Ham United vice-chairman Karren Brady said: “The deal demonstrates that we have been true to our word by securing the regeneration of two areas of East London through our move to the Olympic Stadium in 2016.”