Insider specialising in finance lifts lid on Karren Brady salary details as vice-chairman’s West Ham earnings near £11m.
It is fair to say that Brady has not always been the most popular person among fans at West Ham.
The list of grievances West Ham fans have against Brady and the club’s co-owners David Sullivan and David Gold are well publicised and unwieldy.
From promises made about the big move from Upton Park to the London Stadium to her – thankfully now less regular – columns airing West Ham’s business and talking about rival clubs and players, often in damning terms, in The Sun.
Indeed one such column infamously interfered directly with West Ham’s ability to sign a player – Islam Slimani – when Brady upset the tragically departed Leicester City owner Vichai Srivaddhanaprabha.
From referring to West Ham fans as “customers” and saying West Ham is a club that did not have any ‘culture’ (Evening Standard).
In the interest of balance she has done a good job in many aspects too.
Brady has played a key role in streamlining the club’s finances.
West Ham were reportedly on the brink of administration in 2010. Now the Hammers are officially the 17th richest club in world football.
And from Sullivan and Gold’s point of view she did her job by landing the Olympic Stadium in what has been described in financial terms as the ‘deal of the century’.
And now Claret and Hugh insider Sean Whetstone, who specialises in finance, has claimed that Brady has received a 30 per cent salary increase and that her earnings during an 11-year spell at West Ham are close to £11m.
It must be pointed out that Brady did not receive a 30 per cent salary increase in 2020-21. It was actually payment of the 30 per cent deferral the West Ham vice-chair had taken in 2019-20 during the early stages of the pandemic.
Insider lifts lid on Karren Brady salary increase as vice-chairman’s West Ham earnings near £11m
“The West Ham Annual Wage Bill reduced by £1.4m from £130.8m to £129.4m which is 67% of the £192.7m turnover,” Whetstone said on Twitter after poring over the West Ham annual accounts.
“West Ham Vice-Chairman Karren Brady increased her salary by nearly 30% from £1.03m to £1.33m.
“The Baroness has earned more than £10.5m since joining West Ham in 2011.”
Whetstone also scrutinised the interest charged by Sullivan and Gold – which totals more than £20m over the last 11 years – revealing it was deferred.
“David Gold and David Sullivan deferred £3.7m of interest payments charged at 4.25% due on their £44m of outstanding shareholder loans last season,” Whetstone added.
“They have been paid over £20m in interest payments since first loaning the club £52.5m between 2011-2013.”
These finer details from the West Ham accounts will undoubtedly anger some fans.