West Ham co-owner David Sullivan has said that the club’s finances are the worst of any in the country. This would seem to be something of an exaggeration given the problems that other clubs face, but there is no doubt that they would face serious financial problems if they are relegated from the Premier League.
West Ham co-owner David Sullivan has said that the club’s finances are the worst of any in the country. This would seem to be something of an exaggeration given the problems that other clubs face, but there is no doubt that they would face serious financial problems if they are relegated from the Premier League.
The club is already £80m in debt and Sullivan and David Gold have already said that an exodus of top players would not be enough to satisfy the banks. The co-owners accept that they would have to find up to £40m from their personal fortunes to keep the club alive.
Sullivan commented, ‘The fans should know [that] this club is in a worse financial position than any other in the country. All the debts are football or bank debts secured on the stadium and training ground so there is no route via administration. West Ham really is a club where the football and bank debts exceed the value of the club.’ He also complained that his resources didn’t match those of ‘foreign-based oligarchs who pay no UK tax.’