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can we re-name this - hammers count the cost of BG's childish negligent running of a football club (ably assisted by Scott 'ask no questions' Duxbury and Nick 'finance not my job' Igoe)
could not fit it all in the box
Mr Cockney Hammer, sterling detective-type work as ever. Thanks.
What have Fulham been spending their dough on then? I know they renovated Craven Cottage but it can't of cost them that much can it? They've not spent massively on players or (I assume) wages so have I missed something?
Only West Ham could end up with a pillock like this. How did someone who is clearly so thick end up so minted? Makes me sick.
Bellamy 8m, Dyer 6m and Freddie 3m I thought. Thats 17mil. Shirley the 'missing' 3million isn't in signing on fees?
It has improved
apart from the sale of bellamy, all the others have been replaced in the first team by much better players and i wouldn't want any of them back.
Thick? A f*cking lying crook more like.
I still don't buy that Duckers and Igoe didn't know that the players were funded via loans in the clubs name.
I agree they must have known. But they probably thought the loans were guaranteed by a billionaire who owns the bank. Of course he turned out to be skint and so was the bank. Who would have predicted that!
Spurs didnt sell out
Liverpool hasnt sold out
Millwall was half empty
What do you think we are going to get for the Wigans of this world?
As for TV we will get half of what we got for every PPV game under Setanta.
No one is going to take us on because we are geared to the hilt. Barring a crazy minted arab, we're in admin.
Lets get the quotes right eh!
Duckers is quoted as saying that he & Igoe thought it was BG's money. I still don't understand how, if that is actually true, the club came to "own" loans that BG had taken out himself. Even if as the owner he was the final decision-maker, BG couldn't impose this without the knowledge of his CEO and his FD without breaching Company Law. There's still a strong aroma of Grimsby about this...
something grimsby about it.... you're not allowed to question dux albie....
....clearly we acted like no other company where a finance director countersigns any loan agreements, clearly also BG must have arranged for the cash for these players to be paid straight from landesbanki, straumer etc straight to brum, l'arse, newcastle etc as dux thought it was BG's money so if it had come into a west ham bank account from any of those banks he would have questioned it..if BG signed and organised those loans etc without consultation with the rest of the board they'd be able to sue him - ok he may not have any money left, but dux did say he felt sorry for him despite BG undermining dux's role by agreeing loans in secret without his knowledge and allowing dux's reputation to be forever tarnished with almost bringing west ham to the brink.....utter rubbish and stinks to the heavens...would have more respect for the bloke if he said 'we knew it was coming from the banks and not BG but BG was running the banks atthe time and whoever thought the whole icelandic banking system would go under'....i know that he has to tell some porkies in order to protect west ham but I'd be interested in his truth to bull**** ratio because my money would be on close to full on bull****....
So you wouldn't quantify it then, just rely on panicking?
He's never done that before obviously!
So the Accounts are in - Pnl highlights for the period ended 28 May 2008 are;
£(37m) before tax is the headline but there are a couple of key numbers which pique ones interest…
Turnover up £24m to £81m from the £57m during the Tevez season.
Wages & Salaries up £21m to £63m from £42m reflecting the Magmusson Galactico's coming on-board (According to the accounts we were the sixth highest spenders on player wages).
Other admin up £5m to £22.8m from £17.8m.
An astonishing figure of £27m exceptional expenses vs. the £9m in the previous accounts which were attributable to the Premier League fine and associated legal costs as well as compo for Curbs.
We settled with Sheffield United for £21m payable over four-and-a-half years.
The auditors have not added any qualifications to their audit opinion.
So, without the Exceptional expenses we would have lost £5m before interest and player amortisation.
Let's have a look at that exceptional figure…ah, it's the settlement of the Blades claim plus £3.7m in associated legal fees and a few other odds and sods. I wonder who got £450k in compo for loss of office - Eggy?
The Balance Sheet
Debtors have jumped massively from £7.5m in 2007 to over £25m - £8m from player transfers and £10m owed by West Ham's parent Company…?
Our total creditors as at 28 May '07 were £124m, up £26m from the previous period. The breakdown is as follows;
Within one year (i.e. before May '09)
Bank loan and overdraft of £43m (£28m was re-negotiated after the accounting period to be paid between 2 and 5 years - interest @ 2.5% over LIBOR - not too penal in this current climate - a positive!)
Amount owing to parent Co £11m
Players bought £17m
Everything else is pretty much on par with the previous periods numbers.
Over one year;
Vultures claim £21m
Players Bought £5m
The accounts reflect the gross-mismanagement of the Icelandic regime in terms of players bought & wages paid in addition to loans taken-out bearing high interest (~ 8%) whose ultimate beneficiary was Gudmundsson as well as the Sheffield United settlement.
Indeed - the account are drawn up to May '08 and were signed-off in June this year however, can the Post Balance Sheet Events note shed any light as to the current position?
We received £12m from transferred players +£4m contingent on future events.
Property values have dropped by about £12m.
Nothing of real value here…
I'll have another Butcher's later KUMBers to see if I've missed anything pertinent.
Last edited by MrBen on Fri Sep 18, 2009 12:31 pm, edited 2 times in total.
that included the 21m for McCunt 3.7m legals in relation to that. there was also a £750k settlement of litigation ( i wonder what that was) and £458k for loss of office (eggy?)
The prev years 9m included the £5.5m fine plus £1.7 m for loss of office
Last edited by old fart on Fri Sep 18, 2009 12:36 pm, edited 1 time in total.
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