The transfer system is almost unique in its construction and purpose. The notion that a club may charge a fee before allowing a player to move to another club is buried deep in legalise. The contract is an all powerful tool that ties a player to the club until it ends or parties to the agreement decide otherwise.
Smaller clubs often depend on transfer fees to survive. The bigger clubs, bolstered by foreign ownership and TV money, use them to attract the best players. The sale of a player can also provide an ongoing source of revenue. Contracts will factor in a sell-on clause for the leaving club’s benefit. Additional fees may be payable when a player completes a specified number of appearances or goals scored.
Players’ contracts are logically seen as assets on a balance sheet that will inevitably depreciate in value. So clubs will look to sell a player at a profit where possible. This will depend on a number of factors including the player’s age, form, injury record and the current manager’s assessment. They are the human equivalent of machinery or a lease on land. But will undoubtedly tolerate the horse trading for a hefty pay day, after all who wouldn’t?
Agents now dominate the market as they merrily play both ends against a very lucrative middle. They unsettle players who were once content earning £100,000 per week, encourage them to break their contracts and artificially inflate transfer fees. We need look no further than the mind-numbing debacle of Alexander Isak’s transfer from Newcastle for proof. Yet this is now the world created by those who govern and invest in the game.
The transfer of a player is essentially a private matter between the clubs, player and agent, so the actual fee involved is fuelled by rumour and speculation. Some transfers are mysteriously labelled ‘undisclosed’ inviting yet more conjecture. But how have West Ham coped as a buying club over the years, and what value for money did their signings provide?
The Early Records: Woosnam and ‘Budgie’
West Ham set a club record when they signed Phil Woosnam from Leyton Orient for £30,000 in November 1958. The Wales International was a cultured inside forward who assisted more goals than he scored. Woosnam was eventually sold at a loss to Aston Villa for £25,000. Nevertheless, during a four year stay he made 138 league appearances and scored 26 league goals.
The Hammers’ next record purchase was an altogether more satisfying venture. Centre forward Johnny Byrne was signed from Crystal Palace for £65,000 in November 1962. At the time it was the record signing from a club outside of the top tier. Byrne was an exciting addition to a team that was beginning to blossom. The Hampton-born striker already had a number of records under his belt.
Byrne was the first player from the fourth division to win an England Under 23 cap. When he made his full debut against Northern Ireland another record was ticked off. Byrne became only the fifth player since the war to win an England cap whilst playing in the third division. He quickly became a cult hero and was affectionately dubbed ‘Budgie’ for his constant chatter on the pitch. He formed a lethal partnership with Geoff Hurst and was the club’s top scorer between 1963-1965.
Budgie scored four goals during the Hammers FA Cup winning run in 1964. However, he picked up a knee injury playing for England in 1965. This put him out of the European Cup Winners Cup Final later that year. He struggled to recover full fitness and was later sold back to Crystal Palace for £45,000. Budgie made 156 league appearances and scored 79 goals. He contributed a further 28 goals in cup competitions that got the Hammers to three finals. In spite of the net loss, a transfer fee of £65,000 seems an absolute bargain. In modern values it would be worth around £1.2 million.
The 1970s: From ‘Pop’ to the MacDougall Gamble
However, comparisons are difficult to make as money is worth much less and purchasing power is diminished. Even then it was some way behind the record fee paid by a British club. Manchester United paid Torino £115,000 for the services of Denis Law in 1962. It was a record that stood for six years and typified how slowly transfer fees progressed during the 1960s.
West Ham splashed a chunky £80,000 for Alan Stephenson in 1968. The tall central defender was seen as the perfect foil for Bobby Moore following Ken Brown’s departure. He was already an England Under 23 international and would win an additional four caps with the Hammers. Alas, he wasn’t the answer and was transferred to Portsmouth for £32,000.
Bryan ‘Pop’ Robson was signed from Newcastle for a record fee of £120,000 in February 1971. He was a proven goalscorer and featured in the Toon’s European Fairs Cup winning side two years earlier. A natural predator, Pop had a low centre of gravity which allowed him to pivot and exploit half chances. Robson was the Football League’s joint scorer in the 1972/73 season with 28 goals.
However, he was soon on the move and transferred to his native Sunderland in April 1974 for £145,000. Happily Robson returned in October 1976 for a fee of £80,000. He made an immediate impact but could not prevent the Hammers’ relegation in 1978. Pop made an outstanding contribution to the following campaign and scored 24 league goals. A subsequent fee of £45,000 was received when he returned to Sunderland. In two spells with the club Robson scored 94 goals in 227 league appearances.
In March 1973 Ted MacDougall was signed for a new club record of £150,000. MacDougall had scored a shedload of goals for Bournemouth in the third division but was largely unproven at top level. He failed to launch at Manchester United who were in a period of turmoil with new manager Tommy Docherty sweeping clean. West Ham similarly had no joy with the talented but unpredictable Scot. Ron Greenwood found him moody and an alleged fight with Billy Bonds meant his days were numbered. After five goals in 24 league appearances, MacDougall transferred to Norwich in an exchange deal that brought midfielder Graham Paddon to Upton Park.
Bargains and Billion-Pound Ambitions
Meanwhile the British transfer fee record was moving on at pace. In 1974, Everton signed centre forward Bob Latchford from Birmingham for £350,000. However, the Hammers were still lagging a fair way behind that hefty price tag. Centre forward David Cross was signed in December 1977 for £180,000 and became a star buy for the Hammers. He was top scorer with 22 goals in the 1980/81 season which helped secure promotion and was a member of the FA Cup-winning side. Cross eventually contributed 77 goals in 179 league appearances. A criminally underrated footballer and fine value for money.
It was around this time that West Ham signed a callow youth from non-league Southall. Whilst nowhere near a record fee it proved to be the greatest bargain in the club’s history. Alan Devonshire was signed for £5,000 and allegedly a bag of footballs. ‘Dev’ rightly earned iconic status at West Ham and went on to make 358 league appearances and score 29 goals. It’s just as well there was a spare bag of footballs knocking around?
West Ham shattered their transfer record when Phil Parkes was signed for £565,000 in February 1979. It made him the world’s most expensive goalkeeper as manager John Lyall observed ‘if you want quality you have to pay for it’. Parkes may have had suspect knees but was a world class goalie who went onto make 344 league appearances. That same month Nottingham Forest broke through the fabled £1 million barrier when they signed Trevor Francis from Birmingham City for £1.1 million.
Paul Goddard was the next player to rattle the Hammers’ piggy bank when he joined from QPR for £800,000 in 1980. Goddard was reasonably consistent in a six year stay scoring 54 goals in 170 league appearances. But the feeling still persists that he never quite fulfilled his potential.
The Era of Modern Excess
The Hammers first £1 million signing was striker Frank McAvennie. However, it took a circuitous route to reach this milestone. He was originally signed from St. Mirren in 1985 and formed a sensational partnership with Tony Cottee. The pair shared 46 goals as West Ham came within a whisker of winning the league title. The following season Cottee thrived but McAvennie had been found out and scored only seven goals. He was sold to Celtic at a profit on the original outlay of £340,000. West Ham re-signed him in 1989 for £1.1 million but McAvennie’s best days were behind him.
The 80s and early 90s saw an exodus of British players signing for clubs in Europe who offered salaries domestic clubs couldn’t match. The creation of the Premier League reversed the trend as money flooded into the game from TV and corporate sponsors. Andy Cole became the most expensive British player when Manchester United signed him from Newcastle for £7 million in January 1995. The influx of foreign players soon smashed the record on a regular basis. Manchester United signed Juan Sebastian Veron from Lazio for an eye-watering £28 million in January 2001. The floodgates were well and truly open.
In contrast West Ham’s activities in the transfer market were fairly modest. During Harry Rednapp’s tenure as manager players were often bought and sold at a tidy profit. The likes of John Hartson, Frederic Kanoute and Paulo Wanchope cost between £2-£5million each. When they were sold a profit of around £4 million was generated. The trio scored a combined total of 65 league goals, which at the very least preserved the club’s Premier League status.
In January 2006 Dean Ashton became West Ham’s costliest player when he was signed from Norwich for a reported £9.8 million. A glittering future was sadly stymied by a broken ankle whilst training with England. Ashton scored 15 goals in 46 appearances and was scant consultation for what might have been. In the noughties Keiron Dyer, Craig Bellamy and Scott Parker all came in with price tags of £10 million or more. The degree of contribution such players made varied greatly as some were merely passing through.
Transfers began to spiral out of control as the second decade of the 21st century dawned. In 2009 Cristiano Ronaldo left Manchester United for Real Madrid in an £80 million deal. The transfer shattered the record set the previous year when Robinho moved to Manchester City for £32 million. Paul Pogba cost Manchester United a mind boggling £89 million when they signed him from Juventus in July 2016. Pogba was a talented but under performing misfit and indicative of the going rate for top class players.
West Ham meanwhile splashed £15 million on Enner Valencia in July 2014. The winger/forward was signed on a five year contract but only stayed for three years. After eight goals in 54 appearances, he was sold at a loss to Mexican club Tigres UANL. Dimitri Payet arrived from Marseille in July 2016 for a reported £15 million (although the precise figure, like many others quoted here, varies according to the sources used). Nevertheless, he had an outstanding first season as West Ham took their final bow at Upton Park. With a degree of acrimony that will never be forgotten or forgiven, he returned to Marseille in January 2017. However, silver linings must be grasped when they appear as the Hammers earned a healthy £10 million profit.
High Costs and Low Returns
Recent years have seen West Ham pay ridiculously inflated fees for players that are often no better than competent. Andy Carroll, Javier Hernandez and Aaron Wan-Bissaka have all cost in the region of £17 million but barely justify the price tag. Konstantinos Mavrapanos cost £20 million from VfB Stuttgart, but is a traditional ‘stopper’ centre half with too many off days under his belt.
Felipe Anderson, Edson Alvarez and Gianluca Scamacca all cost in the region of £38 million each. Whilst Alvarez is on loan, Anderson and Scamacca had minimal impact whilst they were here despite their obvious ability. Jean Clair Todidbo struggles to justify a £40 million price tag, whilst £44 million for Mateus Fernandes seems excessive for a Portugal Under 21 international.
Without doubt the most expensive failed signing is Sebastian Haller, who arrived with triumphal fanfare in July 2019. The Ivorian international reputedly cost £50 million and looked to be a strong and bustling centre forward. Alas, the return was paltry as he scored 10 goals in 48 league appearances. Haller was later sold to Ajax for £18 million with an apparent loss in the region of £30 million.
The Modern Success Stories
But there are notable exceptions to these underwhelming signings. Tomas Soucek was bought for £18 million and remains an indispensable goalscoring midfielder. Mohammed Kudus had an exciting two year stay before he was sold to Spurs at an estimated £17 million profit.
The jury is still out on Lucas Paqueta who cost £42 million in July 2022. An unproven betting scam and an aborted £80 million transfer to Manchester City stand out more than his mercurial talent. It can only be hoped that he will recapture his old form. The most outstanding recent signing must surely be Jarrod Bowen, who cost £22 million from Hull City in January 2020. Now club captain and a full England international, Bowen has scored 59 goals in 205 league appearances. We all hope he stays as West Ham slowly turn an exceptionally long corner in a troublesome season.
Assessing value for money on transfers is hugely subjective and affected by a number of factors. A hefty transfer fee does not guarantee success as a club effectively buys a player’s reputation. Liverpool’s signing of Alexander Isak from Newcastle for a record-busting £125 million does provide a salutary lesson. Isak has made just five league appearances this season and is yet to score in the Premier League. Liverpool are in freefall as they lie 11th and have already lost six games.
Similarly, Florian Wirtz was signed by Liverpool for £100 million from Bayer Leverkusen. As yet, the attacking midfielder has failed to ignite in Liverpool colours. It just proves that spending a fortune on players doesn’t always bring the success to which all clubs aspire.
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