Owner’s son Jack Sullivan appears to have revealed that West Ham made a financial loss of £5m last season, if the information true it comes after two years of profits which were then used to pay down some of the bank debts. Among other financial figures he confirms the Boleyn Ground was sold to property developers Galliard for £38m, the London Stadium brings in an additional £12m of revenue per year and we paid off another £11m of bank debt before the West Ham financial year ended in May this year.
Young Sullivan released the financial details on twitter after receiving abuse on the social media platform for stating the club was still £100m in debt. Claret and Hugh ran an article updating and explaining the debt situation yesterday which can be found HERE
Jack wrote on his personal twitter account followed by over 70,000 followers “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”
Unless we are all accountants and loss adjusters ? What sort of response you looking for Hugh ??
What about if we had saved 20 million on ayew , and got him on loan we could have paid some more debt off ??
So most signings are paid off over time so what actually happens with the t.v. money ??
Us normal neandatohols haven’t a clue what’s in the article ??
Can’t even get my head around a young lad releasing info like this anyway .
The Germans would have had a field day with him in 1939 / 1945 ! Lol.
Could have used him to real life properganda , instead of this unofficial / official dross .
JohnBoy we received £85m from the Sky/BT TV money last season but our combined wage bill (all staff employed by the club) including Employee’s NI, bonuses and pension is now approaching £90m.
As for Ayew, it is likely we are paying the £20.5m over 3 years to Swansea so we will only pay around £6.8m in cash terms this year. As he signed a four year deal West Ham will depreciate the £20.5m transfer fee over four years in their company accounts so just over £5m per year will be shown in our financial accounts.
I am happy to answer any specific questions about finances of the club or the figures Jack published.
With gate receipts and merchandise and the euro flop and catering And and ?
Means jack to all of us Sean .
Little jack needs to go to school and keep out of the limelight , so I’ll say my opinion again
This article isn’t worth the paper printed on , and is pointless .
If you are giving a official account then publish it , penny for penny ?
Including the wages of her maj , including bonus’s etc etc etc ,
If all players are on tick , where’s the marquee signing , bla bla bla ,
F me Sean I’m beginning to rant ! I’m off ?? Lol.
Jack is the clubs official financial affairs expert now is he.Cant we get that fella off the box Martin Lewis to save us a quid or two.He has a site for money off vouchers,forward it to DG & DS lol
More great publicity. I know it’s meant to cool the fans demands for the big money signing everyone was hoping for but really it’s just another PR disaster.