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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.

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