West Ham struggle with £47m debts

pething101 · Apr 25, 2004

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
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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.
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More to the article but I did not want to cut and paste the entire thing from the KUMB mailing list.

panicfc · Apr 26, 2004

Brown Out!

El Toro · Apr 26, 2004

panicfc said:

Brown Out!
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Agreed.

The BROWN OUT! efforts must be renewed. What a wanker.

pething101 · Apr 28, 2004

Hammers face power struggle

http://news.bbc.co.uk/sport2/hi/football/teams/w/west_ham_utd/3664103.stm

Rebel shareholders are appealing to West Ham's creditors to put pressure on the club as part of a £20m campaign to remove chairman Terence Brown.
The Whistle group failed to win enough support among the club's larger shareholders for an internal coup.

But they are now seeking the backing of its lenders to help force Brown out.
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Brown OUT!

panicfc · Apr 28, 2004

Re: Hammers face power struggle

Brown Out