Text  Larger | Smaller | Default


2002/03 accounts reveal record losses

Filed: Monday, 10th November 2003
By: Graeme Howlett

West Ham United FC's accounts for the 2002/03 season have revealed a record turnover for the club - but also record losses.

The annual accounts, released today, revealed that the club's turnover had increased from a record £48.4m in 2001/02 to £51.7m in 2002/03 - a record figure.

However that was tempered by a record loss (before taxation) of a whopping £5.3m - up from £3.5m the previous year.

And it has also been revealed that the club's overdraft has increased from just over £4m in 2001/02 to £7.5m in 2002/03 - a rise of 87%.

Despite the gloomy figures, Chairman Terence Brown believes that the worst is now over - and that the club are stable financially.

"It was our financial considerations which necessitated the sale of four players and release of two more in July and August 2003," he said. "Having concluded these transactions, the group is financially stable and has been able to make available to the new manager a modest budget for squad strengthening."

He also thanked the fans for their continued support through difficult times, adding:

"The club clearly suffered a major setback when relegated but swift attention to our finances, magnificent backing from our supporters and a realistic approach from our banks has ensured that the setback did not turn into something far worse.

"I cannot pretend this task will be an easy one but with our support, an ambitious new manager, some of the best players in the Nationwide League, properly structured finances and the next batch of youngsters waiting impatiently to emerge from “The Academy” we have every chance of making a speedy return to the Premiership."

We'll have reaction from the supporters on this story soon. Meanwhile, you can download a copy of the accounts here.

Related News

   arrow   In brief - Tuesday's news round-up [9th Apr 2019]
   arrow   Welcome to Helmet News [8th Apr 2019]
   arrow   In brief - Thursday's news round-up [4th Apr 2019]
   arrow   Former secretary guilty of Hillsborough charges [3rd Apr 2019]
   arrow   KUMB nominated for two industry awards  [3rd Apr 2019]
   arrow   In brief - Tuesday's news round-up [2nd Apr 2019]
   arrow   No singing the blues [1st Apr 2019]
   arrow   The opposition view: Everton [1st Apr 2019]
   arrow   Brady denies DFLA link [27th Mar 2019]
   arrow   Karren Brady steps down from boardroom role [25th Feb 2019]

Your Comments

Please note that this section is for comments relating to the above news item only. Any off-topic or abusive posts will be removed. Posts including either links and/or foul language are automatically filtered and will not be published. To engage in further discussion on any of our news stories, visit the KUMB Forums.

Not a member of the KUMB Forums? You may register for free membership here.

comments powered by Disqus
News Image

On This Day ...

One Year Ago
Moyes admits "I have a decision to make"
David Moyes say that he is yet to decide who will keep goal for the Hammers...more
Three Years Ago
West Ham aiming to top club record
West Ham United will set a new club record tonight - if they manage to avoid defeat against Quique S...more
Five Years Ago
Allardyce on... Crystal Palace
Disappointed but not disillusioned, Big Sam admitted that his mind had been elsewhere before today's...more