West Ham United are facing a huge £70 million hole in their finances this summer.
Insiders Claret & Hugh – who have a direct line to owners David Sullivan and David Gold – reported that David Moyes has a zero transfer budget and must sell to buy.
That did not go down well with supporters.
Disillusioned West Ham fans frustrated by reported lack of funds
West Ham fans understand money may be tighter than usual given the global health crisis.
But many have questioned whether the owners are using it as a convenient excuse not to spend after seeing half of their Premier League rivals already being active in the transfer market.
Even the likes of Aston Villa and newly-promoted Leeds United are said to have money to spend.
Frustration is growing among West Ham fans, large sections of whom protested against Sullivan, Gold and Karren Brady last season.
West Ham moved to the London Stadium on the promise it would help them compete with the elite in the transfer market.
Insider says club source claims there is £70m hole in finances
So supporters don’t understand why – given West Ham are officially the 18th richest club in world football – that they seem so uniquely affected by the pandemic.
Now reliable insider ExWHUemployee claims a club source has told him West Ham have a £70m hole in their finances.
Speaking on the latest West Ham Way podcast, ExWHUemployee tried to explain the reasons the club is giving for pleading poverty during the transfer window.
“The line that’s being pushed at the moment by the club through their trusted sources is that we have no money,” ExWHUemployee said on The West Ham Way podcast (August 12th).
Loss of income and poor league position blamed
“(Why?) Because of the pandemic. I can tell you word for word what I was told today by someone very (close to the club), which I don’t usually do.
“(Checks emails from source) So it says: ‘With a loss of £50million in gate, corporate, club shop, programmes, share of catering this season and last, we are struggling like most Premier League clubs. Even finishing where we did in the league (16th), off the prediction (of where we should finish) at the start of the season cost us £15-20million’.
“And then it says: ‘Fans should have hope. Look at how we finished the last seven games. The £40m we spent on (Jarrod) Bowen and (Tomas) Soucek really improved us’.”