As if we didn’t already know, West Ham’s new accounts state that staying in the Premier League is “an absolute necessity” after we posting financial losses of £27.26m.
The accounts show we’ve spent more than £130m on transfers, taking us to £214.4m in the last four years, but what have we got to show for it? We are only above the Premier League drop zone on goal difference.
Yes, the accounts (for the year to 31 May 2019) show the backing the club gave to former manager Manuel Pellegrini but he was sacked in December and was replaced by David Moyes.
“Retention of our status in 2019-20 season is an absolute necessity for the future wellbeing of the club”
There will be “serious financial consequences” should we be relegated into the Championship but ironically, these statements, along with an expansive note from joint owner David Sullivan, were written in October, when we were pushing for a place in the top four.
Our turnover rose 8.75 per cent to £190.7m. Wages rose almost 28 per cent to £135.8m after a spending spree that saw us sign Issa Diop, Lucasz Fabianski, Jack Wilshere, Andriy Yarmolenko and Felipe Anderson amongst others.
Since the end of last season, we’ve smashed our club record by signing striker Sebastian Haller in a deal that could cost them £45m but the former Eintracht Frankfurt forward has scored just six times in 22 Premier League games.
“The board made a decision at the beginning of 2018 to embark on an investment programme that would involve bringing in a world class manager, investing in better players and making significant investment in the club’s infrastructure. We now believe we have one of the strongest squads and management teams in the Premier League.”David Sullivan
Sullivan says in 2018-19, £107.9m was spent on transfer fees, whilst the first-team squad and management accounted for wages of £135.8m. The club spent £4m on developing their Rush Green training ground and £600,000 setting up their women’s team, which now competes in the WSL.
West Ham currently pay just over £3m in rent to use the London Stadium, although it is understood this figure will halve if they get relegated to the Championship.
What is clear here is that we are evidently paying the price for the disastrous recruitment of Pellegrini and former director of football Mario Husillos.
When the pair arrived in 2018, Sullivan made a conscious decision to step away from recruitment but his faith was not rewarded. Husillos is viewed as being responsible for the decision to sign second choice goalkeeper Roberto from Espanyol.
Roberto has since left for Spanish side Alaves on loan, with Moyes trying to reinforce his squad for the battle to preserve our top flight status.