pething101
03 Jun 2009, 10:06 AM
http://www.guardian.co.uk/football/2009/jun/03/english-premier-league-debt
West Ham United
Accounts for the year to 31 May 2007 (accounts for 2007-08 have been delayed)
Ownership Owned in Iceland, by the chairman, Bjorgulfur Gudmundsson, via two companies, Hansa ehf and Olafsfell ehf
Turnover £57m (down from £60.1m in 2006, a drop of 5.2%)
Gate and match-day £17m
TV and broadcasting £24m
Catering and corporate hospitality £5m
Commercial activities £9m
Retail and Merchandising £2m
Wage bill £44.2m (up from 31.2m in 2006, an increase of 41%)
Wages as proportion of turnover 76%
Loss before tax £22m
Debts £36m
Interest payable £2m
Highest paid director Paul Aldridge: £649,000 (Includes £521,000 for leaving West Ham on December 4 2006)
State they're in West Ham's owner, Bjorgolfur Gudmundsson, is football ownership's highest profile genuine victim of the global economic crisis, his fortune gone the way of his country, Iceland's, economy – wiped out. The club is in the hands of his holding company's controlling banks, yet they have not put pressure on the club's finances or forced a sale because West Ham is the only valuable asset in the Gudmundsson portfolio. The banks, and the Icelandic courts, have allowed it protection, so that they can maintain a decent price when they finally sell it.
West Ham United
Accounts for the year to 31 May 2007 (accounts for 2007-08 have been delayed)
Ownership Owned in Iceland, by the chairman, Bjorgulfur Gudmundsson, via two companies, Hansa ehf and Olafsfell ehf
Turnover £57m (down from £60.1m in 2006, a drop of 5.2%)
Gate and match-day £17m
TV and broadcasting £24m
Catering and corporate hospitality £5m
Commercial activities £9m
Retail and Merchandising £2m
Wage bill £44.2m (up from 31.2m in 2006, an increase of 41%)
Wages as proportion of turnover 76%
Loss before tax £22m
Debts £36m
Interest payable £2m
Highest paid director Paul Aldridge: £649,000 (Includes £521,000 for leaving West Ham on December 4 2006)
State they're in West Ham's owner, Bjorgolfur Gudmundsson, is football ownership's highest profile genuine victim of the global economic crisis, his fortune gone the way of his country, Iceland's, economy – wiped out. The club is in the hands of his holding company's controlling banks, yet they have not put pressure on the club's finances or forced a sale because West Ham is the only valuable asset in the Gudmundsson portfolio. The banks, and the Icelandic courts, have allowed it protection, so that they can maintain a decent price when they finally sell it.