Vodafone has pulled out of a proposed naming rights deal with West Ham’s home, the London Stadium.

A £20million six-year contract to rename the stadium the Vodafone Arena was expected to be approved before the start of next season but the telecoms company, which today announced an annual loss of £5billion, has withdrawn from the process.

Both Vodafone and West Ham have confirmed the decision is in no way connected with the HMRC investigation into some of the club’s transfer dealings. It is understood that Vodafone’s decision was based solely on “commercial reasons”.

It is the second time a naming rights deal for the former Olympic Stadium has fallen through, with steel conglomerate Mahindra also withdrawing last year.

London E20 Stadium, which manages the stadium, will now seek a new sponsor but it is a setback for the London Legacy Development Corporation and Newham Council, who were due to receive more than £3m a year from the Vodafone agreement.

West Ham would not have profited as under the terms of their deal with the LLDC they receive only 50 per cent of any naming rights revenue after the first £4m a year. Being linked with a global brand such as Vodafone would, however, have been welcome news for West Ham, following their move last summer.

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Spurs and Chelsea are also trying to secure naming rights deals for their new stadiums. Standard Sport revealed last week any sponsor would have to agree to keeping Stamford Bridge in the title of the Blues’ new ground.