West Ham Publish Accounts

West Ham have filed their Financial Report up to May 2010. You can read the accounts yourself on the West Ham website (pdf file). I had a brief scan of the accounts and (not being a financial expert) they seem to show some improvement in the financial running of the club.

The Guardian have come to the same conclusion. The paper says that the "accounts to 31 May of last year show a £20.6m pre-tax loss, which is £4.4m higher than that of the previous year. But the financial fundamentals of the club are far healthier than in recent seasons. Although a £6.2m fall in distributions from the Premier League shrunk cash-flow".

The Guardian point to the club's renegotiating of its loan repayments last month. Now the £38.5m in loans need be repaid only at the end of 2013 and, I believe, the club have a better deal on the interest paid on the loan. The accounts also show that the new owners have significantly lowered the wage costs at the club.

The Guardian however do point to some concerns,

"There is the relegation threat, the fact that the final instalment on their £21.5m compensation to Sheffield United will not be paid until 2013, that the healthy figures were only possible due to £26m of shareholder cash pumped in over the year and that £7.3m of next season's ticket income has been sold forward. But at least West Ham are still standing."