West Ham shareholders are set to complete a rights issue to inject £30m of cash into the club by the end of this month just before the payroll is due to be paid. The confirmation should appear on the companies house website in July.
The Hammers outgoings are thought to be around £17m per month but some of this has been recently deferred after players agreed to a temporary deferment and Karren Brady, David Moyes and CFO Andy Mollet took a 30% pay cut.
In addition to the £10m per month wage bill is player transfer instalments of another £5m per month.
West Ham faces a season ticket refund bill of up to £8m at a time when £23.5m of season ticket money is usually coming the other way in renewals.
West Ham were already set to make losses of £40m this season and those losses could be doubled as a result of the global health crisis.
Ok firstly I’m not a board or Moyes supporter but the facts are they are there doing their job whether we like it or not in this dreadful year for not just football but people losing their lives and the collapse of the economy world wide. We have a pretty clueless goverment bar one or two people chancellor is one I do have praise for though but it will still become heartbreaking for most normal working class people come the next few years paying back to the debt which will incur. Anyway to be fair unlike the board at spurs this board has acted in a much better way and the injection of cash is welcome and although they are millionaires and billionaires it still all helps and hopefully after getting rid of unwanted non performing players wont effect the ability to buy soucek and two full backs this summer after we confirm staying up in the premier. Imo