Thursday, September 03, 2009

West Ham's Financial Woes

The Guardian have published an examination of West Ham's accounts today that explain how badly the club was run under Gudmundsson's stewardship. The prolific buying of players and wages paid under Gudmundsson's chairman Eggy left the club with a £100 million debt.

The paper claims West Ham only managed to avoid going into administration in 2008 because of the good will of five banks, who had loaned the club more than £20m, allowing West Ham extensions on the loans.

The Guardian also suggest that the financial troubles for West Ham may not be over. They point out that West Ham are yet to file their May 2009 accounts.

News today that Benjani refused to sign for West Ham because he could not agree personal terms suggest that West Ham are still strapped for cash. The fact that League Two club Notts County can apparently offer the player better wages appears very worrying.

It also doesn't present much hope for West Ham in their attempt to sign Mark Viduka on a free. Viduka has already refused to sign for Portsmouth because they couldn't match his wage demands.


At 6:24 AM, Anonymous Anonymous said...

Excuses ,excuses

why lower season ticket prices then?

why fail to sell or loan davenport earlier in the summer when it was still possible? Why fail to sell Qaushie even at a cut-rate price?

Why spend money on Kovac when we didn t need another midfielder? Why spend money on Frank Nouble and an unproven young Swiss defender when we needed a third striker? What happened to the young Icelandic defender we bought a year ago-is he still on the club's books collecting wages?

This is complete and utter mismanagement . It is total incompetence. There is no excuse for West Ham failing to get Tuncay- the 5 million required for that was available if these idiots had done their work properly. As for Benjani ,the club should have taken him on loan if they couldn t afford both the transfer fee and the wages. Benjani will just rot on the bench at City. As Nugent did at Portsmouth- another one who we cud have gotten on loan.

Not to mention David Healy, who won t get a game at Sunderland ,who wud have made another decent loan signing. Or Wellbeck from Man U , who likely will only play in domestic cup matcjes.

Finances my ass. There is no excuse. These morons funked it up, and the club is flirting with relegation because of it, as there i sno chance in hell that both Diamanti and Cole will remain fit until January 1. Which means because of Icelan-dic stupidity ,these jerks will not be able to sell the club.

Next will be Zola and Clarke saying that they have had enough. Can you blame them? Then what price will the club fetch? 50 million?

Get the funk out Iceland. Nobody wants you. or your poxy currency. Go home and drown yourself in more subprime debt, you disease-ridden filth

At 4:24 PM, Blogger LAIrons said...

Now we get reporting from a more reputable rag but im not so sure that it is as dire as they make out. Some of the signings are a little vague but i think that Zola knows what hes doing and we may see some movements later in the year. We need a new owner to settle everyone down and make it easier for good players to be attracted to the club, but on the ownership front i just dont know of any serious interested parties. For me this concerns me more than any other situation and no matter how much i dislike Spurs im beginning to admire Levy. Thats pretty sick right?


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