West Ham accounts reveal loss of £37m

[Singaporeiron]

Fdimca

Don't forget the eggert in al of this??, although it is hard to believe BG was not aware how much of his money eggy was spunking so to speak.

Wheres a 100 million in credit WHU fan with lots of spare time on his hands when you need one

[derek zoolander]

Honestly who ever is in charge isnt doing a good job.. How have these people not been fired?

They have. Curbishley, Egg and BG are gone

All this shows is just what a dangerous game that bald Eggy b*stard and BG were playing with our club. I think it just mirrors the right now thinking of the whole BG empire and not thinking for the future.

[Coley]

****ing staggering, and these two clowns managed to build business empires? Ohh that's right one of them was based on a flawed lending practice

[Gator_Hammer]

AIG's stock just went to the moon over the last few days (and has since dropped and started rebounding). Maybe they can buy us out? Oh...right.

[BLT319]

They have. Curbishley, Egg and BG are gone .

hmmm wonder whos left from the old regime... hmmmmmmmmmmmm

[fjthegrey]

Savio actually cost us 37 million

[FDiMcA]

Fdimca
Don't forget the eggert in al of this??, although it is hard to believe BG was not aware how much of his money eggy was spunking so to speak.
:

Oh Sure. My point is with Eggert eagerly trying to become a major force using BG's unlimited funds - unlimited because they were not his , they had 1 man telling them where to spend. Had that man been Zola or Wenger, or Pardew they would not have had the rickets like Dyer (injured dur), Lungjberg (managed by Curbs brother), Bellamy (overpriced), Quashie, etc etc

Curbs was given a huge budget and failed to spend it well, thats a statement from Igoe

[Iron Spine v2.0]

Wheres a 100 million in credit WHU fan with lots of spare time on his hands when you need one

David Gold?

[Gator_Hammer]

How about a consortium led by Russell Brand and Ray Winstone and backed by Mark Cuban?

[BubbleBoy]

Like most of us, I wasn't happy with the way Curbishley went, but thank f*ck Clarke and Zola followed.
I'm not a religious man, but I hope and pray these two don't get tired of waiting for a transfer budget.
.

[Damn Yankee]

Whilst the accounts are undoubtedly shocking, they don't really reveal too much in regards to WHU's current state. Since WHU did "spend" some money this transfer window, its reasonable to assume that the situation is better, as in no more breach of covenants (my God that is a terrible job!).

Hopefully, we'll really get to see those in December 2009.

[Singaporeiron]

Whilst the accounts are undoubtedly shocking, they don't really reveal too much in regards to WHU's current state. Since WHU did "spend" some money this transfer window, its reasonable to assume that the situation is better, as in no more breach of covenants (my God that is a terrible job!).

Hopefully, we'll really get to see those in December 2009.

I agree, I think the fact Dux has been going on about loanee's etc suggest we are heading in the generaly direction to recovery and reducing the debt, its just to what extent this is. GZ has (should have) around 8 million available in Jan to spend should he wish too, or sometime between now and Jan the club is sold and a kitty available.

Its going to be a bumpy few months and so much hinges on the team playing well, if we are nearing the bottom half come Jan you can fully expect to see Upson and maybe Green offski, fingers crossed that GZ/SC get them playing well

[Cuenca 'ammer]

. GZ has (should have) around 8 million available in Jan to spend should he wish too, or sometime between now and Jan the club is sold and a kitty available.

8 million could buy an awful lot of pussy....

[QuintonNimoy]

Of paramount concern is the stark admission that the club had breached their debt covenants. This meant that the five banks that had then loaned them more than £20m could have demanded immediate repayment, a move that would have plunged the Upton Park club into administration. Only what the board has termed the "goodwill" of those banks prevented West Ham becoming the first Premier League club to suffer that fate.

Although a lot of the article is padding/sensationalist as you might expect, this is objectively horrifying.

[hamagram]

I get the sense that there might actually be some good news in this.
Very basic accountancy skills invoked but here goes:
If we were 50 mil in debt to the banks that are now our owners..doesnt that figure then represent what they have payed to take control of the club?. Like a shares issue type of thingy..Effectively wiping out that debt?
The 7 mil net debt represents the operating loss..Selling Ginge and Savio for 8 mil effectively wipes the slate clean?
Dont know whats happening to the sky money we're due, I guess its to pay the wages for this season, Blunts blood money..
Effectively CB holdings have got a debt free premier league club for 50 mil with a turnover in the region of 100 mil, now self sufficient and able to make substantial profits.(unless they intend to reinvest the said profits in the team , increasing the clubs value instead of creaming off the top).

Makes no sense at all does it!!
COYI

[norfy]

same old predictable spin dished out just after a transfer window...trust me the 'club' knew exactly what they were doing having these figures published now to cover a usual poor transfer window!so were f#kked are we?no strikers?no money?no serious chance of the dream owner we all crave?....so what exactly has changed ever??terry brown must be pissin himself!!

[Richard WHUFC]

I think the timing of this leak is very deliberate, I wouldn't be surprised if it is followed up by a 'but don't worry here are the current accounts and we have sorted this mess out to a much more managble mess'. As for people saying well now we can see why we don't have a new striker, the reason is the same, bad planning, not lack of Money, thus why we have a rake of midfielders.

[Georgee Paris]

i don't believe it until its official. Don't don't dont believe the hype.

[Porfirio]

I can't wait for Scott Duxburry's/Jason Burt's spin on all of this and how actually it was all part of the master plan all along.

[Memorial Ground]

Hack:

In other news: The Grauniad tomorrow has us collapsing under the weight of a £37million debt. Which would be a great story if it wasn't relating to almost year-old statistics. That West Ham have already fessed up to. And claimed to have completely turned around thanks to the cost-cutting and player-selling of the last 12 months.

But why worry when it gives you the chance to put the boot into West Ham, eh....