“Stinger” West Ham Staring Down the Barrel of Another £25M Loss

By Kris Gonzo | Senior West Ham Columnist (Follow on X)

This one really does sting.

Reports suggest Ajax are hoping to re-sign Edson Álvarez for less than £10 million, despite selling the Mexican midfielder to West Ham for around £35 million just three years ago.

The Dutch club are reportedly facing competition from Real Sociedad for the 28-year-old, while Álvarez himself is said to be open to returning to Amsterdam.

A Painful Piece Of Business

When you stop and think about it, it makes for pretty painful reading.

West Ham still owe Ajax a sizeable amount of the original transfer fee, yet could now end up selling the player back to them for little more than a quarter of what they paid.

Álvarez enjoyed a successful spell at Ajax, winning two Eredivisie titles and the KNVB Cup before moving to east London in 2023.

He went on to make 73 appearances for the Hammers before spending last season on loan at Fenerbahçe, where he featured 18 times.

With West Ham now back in the Championship and looking to reduce the wage bill, a permanent exit appears increasingly likely.

The Rice Money Never Replaced Rice

The whole situation also brings back memories of the summer Declan Rice left for Arsenal.

David Moyes famously argued he needed two players to replace Rice’s all-round game, with Álvarez and James Ward-Prowse arriving for a combined fee of around £60 million.

It’s crazy to think that, only three years later, West Ham would probably do well to receive £15 million for the pair.

Sometimes transfer fees tell the story of a football club better than league tables ever could.