David Sullivan has issued a statement in the wake of an inaccurate claim about fellow West Ham co-owner Daniel Kretinsky and the club’s finances.
Earlier this week Football Insider ran an exclusive story claiming Kretinsky was ‘uneasy’ ahead of the release of West Ham’s latest financial accounts.
Czech billionaire Kretinsky became West Ham’s second biggest stakeholder behind Sullivan when he purchased 27 per cent of the club last November.
Football Insider claimed that Kretinsky was unnerved by the fact West Ham had ‘failed to record an operating profit in 2021-22 despite having had one of its best-ever seasons on the pitch’.
The site claims a sources close to Kretinsky told them “West Ham are due to record an operating loss in the low eight-figure bracket for a campaign that saw them finish 7th in the Premier League and reach the semi-finals of the Europa League”.
Well the financial results were indeed officially announced by West Ham yesterday – as is always the case at this time of year.
And David Sullivan issued a statement in the wake of the inaccurate claim about fellow West Ham co-owner Daniel Kretinsky and the club’s finances.
Not only did West Ham announce a pre-tax PROFIT – not loss as was claimed – but there was a near £40m jump on the previous season’s results.
And Sullivan has made it clear that the club is in its best shape for years with Kretinsky a key figure.
Across the 2021/22 season, the club reports a net profit before tax of £12.3million, a notable improvement of £39.2m from the loss of £26.9m in 2020/21.
Turnover was £252.7m, up £60.0m on last year, driven by improved matchday, commercial and retail income thanks to the return of fans following the COVID-19 pandemic year.
The club’s net debt, including cash, fell by £130m with West Ham declaring it leaves the club “in a robust and healthy position” with net assets of £40.9m, including cash of £96.5m at year end.
In his statement on the club’s official site, Sullivan said he was proud of the shape West Ham are in financially.
“It remains a privilege and honour to be custodians of this great football club,” Sullivan said on whufc.com.
“The 2021/22 season is widely regarded as one of the most successful in West Ham United’s 127-year history, as we secured a second consecutive top-seven finish in the highest division of English football for the first time ever and reached the semi-finals of a major European competition.
“The fact that we were able to enjoy the experience with our loyal supporters back at London Stadium and following the team across land and sea, after the difficulties of the COVID-19 pandemic, was a source of great pride and satisfaction.
“It is testament to the hard work of our players, management and staff, and the loyalty and dedication of our supporters, that we have been able to make such positive progress in recent seasons. That progress was important in helping us to attract major new investment last year, and I am proud that the football club is now in a healthy position – particularly considering the global difficulties caused by the pandemic.
“The financial performance in 2021/22 also enabled significant investment across all of our squads but, particularly, the men’s first team playing squad, as part of our long-term strategy to ensure that West Ham United continue to be one of the leading clubs in the Premier League, on and off the pitch.”
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