West Ham United FC has announced pre-tax profits of £11.8m for the year to 31st May 2004 - reducing the club's debt to some £33m*.
The figures, released today, reveal that the Hammers have received approximately £22m from player sales since relegation; the main contributors to that figure being Jermain Defoe (£7m), Joe Cole (£6m) and Glen Johnson (£6m).However the accounts also revealed that the club had parted with a staggering 24 players during those 12 months, despite having promised 'no fire sale' following relegation from the Premiership at the end of the 2002/03 season.
The figures also reveal that the annual wage bill has been cut from £33m to £23m; with top earners such as Don Hutchison, Steve Lomas and Tomas Repka out of contract this summer that is set to fall substantially next year - all assuming West Ham remain in the Championship.
* This figure relates to long-term bank borrowing only
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