pething101
25 Apr 2004, 10:22 AM
According to a piece in the Sunday Times.
A bruising boardroom battle could be looming as the London club faces a
financial crisis, despite raising millions by selling star players, writes
David Bond
33dd77.jpg
WEST HAM United chairman Terence Brown will come under renewed scrutiny
this week after it emerged that the First Division club’s debts are set to
rise to a staggering £47m.
Despite raising £27.6m through player sales and clawing back £13m in wage
savings since relegation from the Premiership last season, the club are
trying to renegotiate their credit facilities with Barclays, their
principal bankers.
Revenue has fallen dramatically since the club’s relegation, and forecasts
reveal the board is bracing itself for a large operating loss at the end of
the current financial year. An operating loss is also being forecast for 2005.
More to the article but I did not want to cut and paste the entire thing from the KUMB mailing list.
A bruising boardroom battle could be looming as the London club faces a
financial crisis, despite raising millions by selling star players, writes
David Bond
33dd77.jpg
WEST HAM United chairman Terence Brown will come under renewed scrutiny
this week after it emerged that the First Division club’s debts are set to
rise to a staggering £47m.
Despite raising £27.6m through player sales and clawing back £13m in wage
savings since relegation from the Premiership last season, the club are
trying to renegotiate their credit facilities with Barclays, their
principal bankers.
Revenue has fallen dramatically since the club’s relegation, and forecasts
reveal the board is bracing itself for a large operating loss at the end of
the current financial year. An operating loss is also being forecast for 2005.
More to the article but I did not want to cut and paste the entire thing from the KUMB mailing list.