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Hammers are not skint

Recycled rumours that West Ham are skint or are on the verge of insolvency CONTINUE AND REMAIN  completely without substance!

Last month Juventus chief Andrea Agnelli used West Ham as an example of a club on the brink of financial meltdown as he tried to defend controversial European Super League plans.

This was denied at the time by a senior club insider who told Claret and Hugh “COVID has hurt the club very badly but it’s in very safe hands it’s very odd that we were picked out.”

That story has been recycled again this week with inpatient fans suggesting lack of funds is the reason for lack of transfer activity this summer.

Like all football clubs, West Ham has had its challenges with cash flow over the pandemic requiring a rights issue of £30m from the shareholders, short term loans from Barclays bank and selling off the Haller payments due from Ajax.

However , the Hammers have  immediate access to a £120m credit facility from MSD Holdings owned by Michael Dell’s family which stretches over five years and while some of it has been used to pay off media the Rights and Funding credit facility and Barclays bank loans, the majority remains available to the club.

Transfer deals require around 20% to 25% upfront depending on whether the player signs on a four or five-year contract.

Money is available to the manager to invest and improve the squad with quality players he decides will make the difference.

 

About Sean Whetstone

I am Season Ticket Holder in West stand lower at the London Stadium and before that, I used to stand in the Sir Trevor Brooking Lower Row R seat 159 in the Boleyn Ground and in the Eighties I stood on the terraces of the old South Bank. I am a presenter on the West Ham Podcast called MooreThanJustaPodcast.co.uk. A Blogger on WestHamTillIdie.com a member of the West Ham Supporters Advisory Board (SAB), Founder of a Youtube channel called Mr West Ham Football at http://www.youtube.com/MrWestHamFootball, I am also the associate editor here at Claret and Hugh. Life Long singer of bubbles! Come on you Irons! Follow me at @Westhamfootball on twitter

4 comments on “Hammers are not skint

  1. Quote “with inpatient fans”.

    Freudian slip there? 😀

    Im pretty sure we’ll have at least three more players before the start of the season.

  2. Thanks for the clarification and info. Understandably the Pandemic has hit our coffers hard and so had the Pelli era. What I’m seeing is pre G&S type figures and finance. We seem to be borrowing more and having cash flow issues which were creeping in pre Covid.
    This can’t be sustained yeah? How are the other middle clubs can pay up and where did the cash from finishing 6 go? Is that paying last years loan. I’m not having a go I’m interested

    • As you say, the pandemic has hit hard, but it must surely be better to pay a peppercorn rent for our (admittedly sub-standard) stadium than to be loaded with the mortgage for a brand new state-of-the art stadium like the one up the road?

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