With the PSR deadline of 30th June fast approaching, it is widely expected that West Ham will soon confirm the departure of Mateus Fernandes. Tottenham Hotspur now appear the most likely club to complete the deal, who seem cash rich and are also pursuing Sandro Tonali at Newcastle United.
Unusually, West Ham’s statutory accounting year‑end is 31st May, which had previously caused some confusion.
The logical assumption was a club’s accounting year end would be their PSR deadline.
After looking into this more closely, it turns out the club must prepare a PSR‑adjusted set of figures that includes the additional month of June. West Ham are one of only a handful of clubs who have not aligned their accounting year‑end with the PSR cut‑off date. This is further complicated by the fact that player contracts typically run until 30th June, adding another layer of timing pressure
PSR is assessed over a rolling three‑year period, and while the most recent published accounts show a £104m loss, West Ham are only days away from addressing this position.
There has been plenty of speculation about whether the club risks breaching PSR. The Declan Rice sale provided a huge cushion, but the following season’s £104m loss was a major setback. Last season’s numbers, combined with the expected sale of Fernandes will be crucial
It’s also worth remembering that the club has already moved on several players, including Mohammed Kudus (July 2025) and Lucas Paqueta (January 2026) generating significant accounting ‘profits’ once amortisation is taken into account.
Daniel Kretinsky has also openly stated that the club are under no financial pressure to sell, which suggests he’s either a very good poker player or is comfortable with the accounts for last season.
Last season was the final year under the PSR framework. From the start of the 2026/27 season the club enters the new Squad Cost Ratio (SCR) system, meaning any financial manoeuvring applies only to the next regulatory cycle.
A loan from Daniel Kretinsky would improve liquidity but does not count as revenue for PSR purposes. It can help cover wages, operating losses and working capital, but it cannot improve the PSR position. The positive news is that if he chooses to fund training‑ground upgrades or infrastructure projects, these costs along with academy spending are fully excluded from both PSR and SCR calculations. This makes them one of the safest and most effective ways to invest without breaching financial rules.
He can only inject £33m via equity capped over a rolling three years for SCR purposes with a maximum of £15m in any single year.
The aim will be to grow commercial and match day revenue over time. Even in the Championship West Ham have announced the highest sale of season tickets relative to any other club. If the GLA ever sells the London stadium he could acquire it cheaply and maximise football revenue, thus increasing SCR headroom.
Much will unfold over the coming days and into early next week. With the Czech billionaire now leading the direction of travel, there is reason to feel more confident about a positive outcome even as the club prepares for life in the second tier.
I believe a share rights issue would change the picture and is possibly the most likely course.
Why, John? And who would qualify to buy?
The Gold shares have been available for years now, with no external interest. Why would the existing shareholders dilute, and why would anyone buy unless they could secure a controlling interest?
The last thing we need is a ‘hobby’ shareholder.