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Boleyn Ground levelled for £8million

Filed: Tuesday, 6th March 2018
By: Staff Writer

West Ham United's latest annual accounts have revealed that the club's turnover increased by circa £8million as a result of leaving Upton Park for Stratford.

Prior to the stadium move, it had been claimed by the Board that West Ham needed to move to the vacated Olympic Stadium in order for the club to progress and increase its annual turnover.

However the latest set of accounts - that show an overall increase in turnover of approximately £40million - reveal that money from the TV deal represents in the region of 80 per cent of that figure, with only an additional £8million having been generated as a result of leaving the club's historic Boleyn Ground in 2016.

Released ths morning, the club's latest accounts also reveal that the club made an overall profit of £43million - largely as a result of player trading, having sold Dimitri Payet and James Tomkins for a combined £40million. £80million was 'spent' on incoming players, although those fees are generally spread over a number of years.

Meanwhile it was confirmed that the Boleyn Ground was sold for circa £40million, a profit of just under £9million once an outstanding mortgage and the £15million contribution to converting the Olympic Stadium were paid°.

Additionally, new Director J Albert 'Tripp' Smith was confirmed as having joined the club on 21 September (replacing Straumur's outgoing representative, Daniel Svanstrom, finally ending the club's 12-year Icelandic association). Smith later made an interest-free loan of £9.5million to the club.

Meanwhile Karren Brady's rhetoric regarding the stadium had changed considerably - the "world's best stadium migration" is now referred to as "a satisfactory move" in the document.

Speaking in October 2017, when the accounts were signed off, co-owner David Sullivan said: "This season, our second at the London Stadium, we know will bring its own challenges but we continue to believe we will deliver both on and off the pitch by investing in the team, the brand and managing the business well."

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Some key figures from this year's accounts include:

* Turnover rose by £41.3million to £183.3million - largely as a result of the improved TV deal

* The TV deal was worth £119.3million to the club in 2016/17 - nearly two thirds of its entire annual income

* Tickets sales rose from £26.9million at the Boleyn to £28.6million at the Olympic Stadium - an increase of just £1.7million

* Despite adding the new club shop in Stratford to its portfolio, the club's retail revenue increased by just 2 per cent (£9.6million)

* The club's commercial and sponsorship departments saw an 35.7 per cent increase in turnover (up to £25.8million)*

You may read the latest accounts here.

° The Boleyn Ground site, sold to Galliard (as Boleyn Phoenix Limited) was later sold to another development company for circa £60million.

David Sullivan was previously quoted as saying he had received better offers for the ground, but sold to local firm Galliard as they would ensure the club's legacy would be respected. Galliard are believed to have sold the ground less than 24 hours after it was purchased to a subsidiary of Barretts.

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