West Ham's £110 Million Debt
New owner David Sullivan has revealed that West Ham are £110 million in debt and have already borrowed against next season's ticket money.
"We've got £50m owed to banks and £40m owed to other clubs, including Sheffield United [for the Carlos Tevez affair]. In addition, West Ham are not owed a single penny by other clubs.
The club has also borrowed against next season's ticket money and then there is the Alan Curbishley settlement. Makes around £110m in total. We've inherited these liabilities and we are going to have to work through them. We need to do a lot of wheeling and dealing which we're good at.
The sponsors have paid 70 per cent of their three-years up front. We've paid down some of the debt and injected some working capital but there's still more than £100million of debt."