Leading football finance expert Kieran Maguire has suggested a financial bombshell is looming large at West Ham – and all will be revealed in the next eight days.
West Ham’s finances have been the subject of much debate, anger and confusion over the last two years.
After three consecutive seasons in Europe, a major trophy win and the club record £105m sale of Declan Rice, most would assume West Ham’s coffers are in rude health.
But ever since handing Tim Steidten and Julen Lopetegui £155m to splurge on signings, the Hammers have insisted they had run out of wiggle room within the confines of football finance regulations.
West Ham fans have been increasingly frustrated at the club pleading poverty.
Coupled with a rapid regression on the pitch over the last two seasons, it has ultimately resulted in a gravely concerning relegation battle and fans calling for new owners.
West Ham finances cause anger and confusion
Majority owner David Sullivan and vice-chair Karren Brady have been at the centre of supporter ire but the club’s second biggest stakeholder, Czech multi-billionaire Daniel Kretinsky, has been in the shadows while the club has fallen further from the relative grace achieved under David Moyes.
Much of the club’s recent financial strain stems from the fact West Ham did a £69m deal with Barclays to borrow against – and spend – all transfer money owed to them under Steidten and Lopetegui.
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So when that rebuild flopped, it left the Hammers nowhere to go in terms of rebuilding again for this current campaign.
West Ham had to accept the ignominy of selling a star player in Mohammed Kudus to bitter rivals Spurs, the first deal between the rivals for nearly 15 years.
That should have been a red flag for what was coming.
Last summer Hammers News exclusively brought confirmation from West Ham’s owners that record £100m losses were on the way in the club’s next set of accounts.
That makes the prospect of relegation this season – and the hugely damaging financial impact that would have – even more daunting.
Things have gone quiet on the financial front in east London of late, though.
West Ham signed five players in January, two on loan, but also sold the likes of Lucas Paqueta to balance the books.
Maguire suggests West Ham financial bombshell looms large
Now football finance brainbox Kieran Maguire has suggested a West Ham financial bombshell is looming large.
Maguire, author of the book The Price of Football and co-host of the podcast of the same name, was scouring Companies House to look at West Ham’s books.
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And he noticed something very intriguing indeed.
Maguire pointed out that West Ham, whose finances have been in a good state for several years by Premier League standards, usually submit their accounts like clockwork each year.
The Hammers usually file in the first two weeks of January and, in the past, by the end of December.
But Sullivan and co are still holding off with the latest accounts, the same books the board had braced fans to expect record £100m losses in.
Maguire has pointed out that the big reveal is not far away, with the deadline next week.
“West Ham accounts have to be submitted to Companies House by 28 February,” Maguire said on X.
“In recent years the club has always sent them in well before the deadline. Yet no sign this year.
“Why might that be the case?”
Last year’s accounts were submitted on January 13th, 2024 on January 15th, 2023 on January 10th and 2022 on January 4th.
Hammers leaving accounts late to avoid spoiling positive vibes?
If and when the huge losses are officially posted, it will spark a wave of negative news and headlines.
With that due in the next eight days, it comes at a time where Nuno Espirito Santo and his side have finally got a feel-good factor around east London ahead of the relegation run-in.
So it could be the Hammers have been holding off in order to keep the positive vibes for as long as possible, especially with the crucial game against Bournemouth on Saturday.
Win that – and a defeat for Forest at the hands of Liverpool – and West Ham could find themselves out of the relegation zone on Sunday night.
Then all of a sudden £100m losses may be a bit more bearable – even though it is clearly an issue which will cause West Ham issues regardless of what division they are in come the summer.
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