Sam Allardyce expects former club West Ham to be challenging for the Champions League places after moving to the Olympic Stadium.
Sunderland make their final journey to Upton Park this weekend, before the Hammers move across East London to their new multi-million pound home.
The decision to allow West Ham to rent the Olympic Stadium for a fraction of the £700million it cost to build has caused much consternation, particularly from neighbours Leyton Orient.
But Allardyce – West Ham manager when co-chairman David Gold and David Sullivan negotiated the deal – believes the move will take the club to a different level, particularly when some of their rivals at the top end of the Premier League are in need of new facilities themselves.
“It was a magnificent piece of business from the football club to get the new stadium,” said Allardyce.
“They’re creating a new modern-day history for West Ham United, which they’ve never experienced before.
“All the fans, as much as they don’t want to leave Upton Park, should embrace that.
“It could be the best golden period in West Ham’s history if they get it right.
“It frees up so much more money for David and David to spend on the team, having clinched a £700m stadium for £2m a year rent.
“Had they had to build that stadium themselves, there would be little or no funds for Slaven (Bilic, manager) to improve the squad.
“David has probably looked at that in my time and decided to give me this amount of money because of going into the stadium, which he did.
“Slaven has had more money this year and he’ll probably get more money again in the summer, particularly with the £120m coming his way.
“It should be really good for the future of the football club because more investment can be made on players.
“They don’t have to spend on a new stadium like Liverpool will and Spurs will.
“Their spending is bound to be reduced, as Arsenal’s was when they built a new stadium.
“That might be an even better chance for West Ham to go even further again and get in that top six.”