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.