West Ham delay release of financial accounts

West Ham have yet to reveal their financial accounts for last season and look likely to run right to the maximum deadline of 28th February this year before their financial secrets are revealed. Their financial accounts were released early on 4th November in 2015 and 29th December in 2014 but it appears they will delay the release of their company accounts to companies house to the very last possible moment this year.

The significant of this year’s accounts is a number of revelations about leaving Green street and moving to Stratford. They will reveal how much they sold the Boleyn Ground for (rumoured to be £38m) how much they spent on the London Stadium in addition to their £15m up front fee. They spent half a million on Claret and Blue seats and are thought to have spent another £7.5m on the club store fit out and WestHamification of the former Olympic Stadium. External bank debts were paid off last summer as the loans were mortgaged against the Boleyn Ground stadium.

Turnover of match receipts, retail and commercial are also likely to show significant grown both because it was the last season at the Boleyn Ground and also in terms of cash as they took from season ticket deposits early for the London Stadium.

Despite these numbers the West Ham holding company accounts are rumoured to show the Hammers made an overall loss last season of £5m.

In August last year Chairman’s son tweeted “Debt is still £90/£100m, if things go according to plan we can pay it off within 3 years, This is because most of the income transfers, wages and agents. The pound fall against the Euro and dollar has cost us several million pounds on what we owe on transfers from foreign clubs as we and all clubs pay over 24/36 months. The OS brings in £12m more than Upton Park due to family affordable football. We sold Upton Park for £38m, £15m was contribution towards conversion of OS, £8m for building out the shell of shop, offices, making the stadium have the look and feel of WHU (seats/signs etc) £5m covered the loss of season 2015/2016. £11m went towards debt”  

When we asked a club’s spokesman about the imminent release of the company accounts we were told: “I can confirm we will file accounts by the end of February in line with statutory requirements.”