West Ham have addressed an attempt at a major David Sullivan sale, offering insight into the truth behind the club’s finances.
- Hammers News exclusive
A new statement from the top spokesman for West Ham’s owners has shed light on the financial situation and what it means for the future of the club.
It comes amid an attempt from majority owner David Sullivan to raise a multi-million pound sum.
West Ham spent £155m last summer. But the club only brought in one player – Evan Ferguson on a straight loan – for new boss Graham Potter in the winter window.
It has been suggested that West Ham wanted to keep their powder dry in order to give Potter their full backing in the forthcoming summer window.
However, a board source sparked anger last week by painting a grim picture of the summer window plans at West Ham.
It was claimed Potter faces a ‘difficult window’ with Lucas Paqueta, Mohammed Kudus and other West Ham stars needing to be sold in order to make any signings.
Hammers sources stated Potter has ‘tough decisions to make this summer if he wants to reshape his squad’.
West Ham address big Sullivan sale
That comes after Hammers News warned there could be a tightening of the belt on the horizon.
That was after it was revealed West Ham forfeited £4m to borrow £65m of £69m owed to them by other clubs.
That whopping £65m figure is the exact amount Hammers chief Sullivan is now selling his luxury, centuries-old Marylebone house for.
The West Ham supremo spent seven years and just under £50m renovating the stunning property having paid £27m for it back in 2015.
It remains unsold, though, and Sullivan is having to try and sell the house at a loss, slashing its price by £10m to £65m.
That is nothing new and has been the case since last October.
But many have been putting two and two together given West Ham have borrowed against £65m owed to them and Sullivan is selling the house for £65m.
Now West Ham have addressed the big Sullivan sale and the truth about club finances.
Many Hammers fans are hoping Sullivan will invest the money from the sale of the house into the team this summer.
But the top spokesman for West Ham’s owners has clarified the situation.
West Ham lift lid on truth about club finances
And things just are not that simple anymore since the advent of Profit and Sustainability Rules (PSR).
West Ham have confirmed that Sullivan’s house sale cash could not be put into the club even if he wanted to.
The Hammers have also highlighted just how difficult PSR is making it for them, especially with no Europe.
“Under the new FFP/PSR rules, it’s impossible,” the senior West Ham spokesman exclusively told Hammers News.
“Wages/amortised transfer fees can’t exceed 85 per cent of turnover.
“Without Europe it’s tough.
“So the house sale wouldn’t have any material impact on West Ham’s finances as it has to be club generated income.”
Hammers not the only club hampered by PSR
This won’t be what West Ham fans – or Potter – will want to hear.
The new boss and head of recruitment Kyle Macauley will surely have come in with their eyes wide open to West Ham’s financial position, though.
Is it any wonder Aston Villa’s Egyptian businessman co-owner Nassef Sawiris has stated he is considering legal action against the rules.
Sawiris has said the Premier League’s profit and sustainability rules “do not make sense” and are bad for football.
Newcastle United – the richest sports club in the world bar none – have also been unable to truly flex their financial muscle due to PSR.
Even to the point they had to sell three key young players to the likes Forest, Brighton and Juventus to comply.
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