West Ham chiefs have vented their frustration over chaos surrounding the Premier League’s new financial rules ahead of a major meeting, Hammers News can reveal.
The Hammers were due to have their say in some of the biggest votes in the history of the Premier League this week.
West Ham’s financial situation has been a huge talking point among supporters this year.
In fact it is one of a host of reasons fans have been protesting against the ownership.
West Ham had to sell to buy in the summer against the backdrop of concerns they could be at risk of a future breach of the Premier League’s Profitability and Sustainability Rules (PSR).
Huge West Ham losses on horizon amid PSR concerns
The Hammers did a £69m deal with Barclays Bank to borrow against all the money owed to them for transfers to fund last summer’s £155m splurge.
Barclays took £4m of that £69m as a fee for the service.
Despite three consecutive European campaigns prior to last season, a first major trophy for 43 years and the £105m pure profit sale of Declan Rice in the summer of 2023, West Ham are braced for record losses in excess of £100m in their latest accounts next month.
The loss of the extra revenue Europe brings and major under-performance in the Premier League and domestic cups has hit the club’s income.
So it is no surprise West Ham have been pushing for new financial regulations.
To that end, the Premier League is planning to hold votes on new rules this Friday, before domestic action resumes after the last international break until March.
Bosses of the world’s richest and most popular football league need 14 clubs to back each proposal.
One option is to replace Profitability and Sustainability Rules with a squad-cost ratio (SCR).
Under SCR, clubs would be limited to spending 85 per cent of their revenues on player wages, transfers and agents’ fees.
Major Premier League votes could be abandoned
There are reportedly concerns among smaller clubs such as Bournemouth, Brighton, Crystal Palace and Brentford that they would find it more difficult to comply with SCR than PSR and fears it could ‘diminish the competitive balance of the Premier League’.
The Times claims Premier League chiefs are facing a rebellion over the votes as a divide emerges among the 20 teams.
So much so it is reported there is a belief the votes could be abandoned.
Now West Ham have vented their frustration and made their position clear over the new financial rules chaos ahead of the Premier League meeting.
Top-flight clubs are believed to be divided over whether to introduce a new ‘salary cap’ in a new ‘top-to-bottom anchoring’ model.
TBA would restrict the amount any club can spend on player wages, agents’ and transfer fees to a maximum of five times the income earned from broadcasting and prize money by the bottom Premier League club.
It is currently being shadow trialled by the Premier League, alongside the ‘squad cost ratio’ system.
West Ham are due to send vice-chair Karren Brady to vote on the board’s behalf at the meeting.
She will attend armed with West Ham’s emphatic stance on the matter – that votes need to take place to bring order to the chaotic landscape unfolding when it comes to Premier League finances.
Hammers board vent on Premier League financial rules chaos
The top spokesman for West Ham’s owners responded when it was put to them that the vote may not go ahead due to a rebellion among some clubs about the new financial rules being proposed.
And the board’s feelings are perfectly clear.
“How is any club supposed to plan if we don’t know the rules we are supposed to follow?” the top spokesman for West Ham’s board exclusively told Hammers News.
With the key meeting looming, the Hammers are clearly deeply unhappy with the confusion and mixed messages coming from the league and rival clubs.
With West Ham still very much facing the threat of potential relegation, it is imperative the club spends in the January window.
The Hammers owners have justifiably faced criticism from fans.
But the bosses of the biggest league in world football must get their house in order so West Ham and the other 19 clubs know exactly where they stand and – as importantly – what they can afford to spend in the winter window.
Especially as it may represent last-chance saloon for the Irons and others.
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