Bean Counters “Spill The Beans”
By: Martin | September 3rd, 2009
The Guardian reported today that it has received a copy of the clubs accounts for the year ending 2008 and they are not happy bedtime reading. The bottom line is that at the end of 2008 the Hammers had net debt and contingent liabilities approaching £100m.
The problems were so bad that the club breached certain banking covenants in 2007-08 which meant that the five banks who loaned the club money could recall the loans with immediate effect. Of course, the immediate effect would be administration, point’s deduction and guaranteed Championship football the following season.
The report showed that the club paid £20m for Craig Bellamy, Kieron Dyer and the “Forgettable” Freddie Ljungberg, whose combined salaries exceeded £12m. In fact the annual wage bill was 78% of the clubs revenue.
Of course things as of today aren’t really any rosier. The Carlos Tevez Settlement with the Blades is costing £20m and the collapse of sponsor XL cost the club money. The club has yet for file the May 2009 accounts, so perhaps there are more troubled times ahead.
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shesh players were over paid, Ljunberg shuldn’t even ave got a salary, owever i fink Bellamy was a gd signin, he was definitly the best striker.
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