West Ham accounts reveal loss of £37m

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sendô
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Re: West Ham accounts reveal loss of £37m

Post by sendô »

Well, looking at this simply, you can see:

- why the management were selling players over Curbs' head.
- why Eggy got the kick
- why we paid off Ljungberg
- why we were so happy to lose Bellamy
- why Collins has gone
- why Neill has gone
- what 'the project' really is - flogging expensive players to balance the books and complimenting the losses with youth products
- why we didn't get that 'other' striker
- that we probably wont be signing anyone in january, unless we are desperately in trouble

I ****ing love supporting this club. :cry:
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wayneo1974
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Re: West Ham accounts reveal loss of £37m

Post by wayneo1974 »

Duxbury warned us about these accounts. And it would certainly explain where the money from incoming transfers has gone. The accounts are pretty old now and dont represent the situation the club is in now, which cant be that bad as we have signed players this summer. It wont stop the doom merchants on here though.

Long live the project!!!
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Re: West Ham accounts reveal loss of £37m

Post by hammerbenj »

Headtheball wrote:Well, I think moaning about the lack of a new striker has now gone out of the 'window'.
not at all mate, the statement on the o/s said we were rejected late on by a player.
lmb oneday
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Re: West Ham accounts reveal loss of £37m

Post by lmb oneday »

this is scary !! - every point up to the next transfer window is going to be so important , cos if we haven't got a buyer up till then it will be open season on our squad and every prem team knows it .
you can see redknapp drawing up his list now and there would be nothing we could do about it ..
you can also add to the debt the impending law suit by curbishly and a sizeable fine by the FA for the millwall trouble .
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Re: West Ham accounts reveal loss of £37m

Post by Fionn »

FDiMcA wrote:
Put that on your CV Curbs. You were David O'Leery and we all paid for it.
Only your swift removal saved us.
Yeah because our finances would be in a much better state down in the Championship. For sure.
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Re: West Ham accounts reveal loss of £37m

Post by VeniceHammer »

don't know if it's the case to tell you...but a couple of websites in italy report that we still haven't paid the first tranche of diamanti's signing, and livorno seems worried about that, according to them.

but it's just a couple of websites, no source quoted by them and they both conclude that one way or another we'll fix this.
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Re: West Ham accounts reveal loss of £37m

Post by FDiMcA »

FDiMcA wrote: Put that on your CV Curbs. You were David O'Leery and we all paid for it.
Only your swift removal saved us.
Fionn Kiely wrote:Yeah because our finances would be in a much better state down in the Championship. For sure.
Yeah.

What?
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Marky
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Re: West Ham accounts reveal loss of £37m

Post by Marky »

Club is a shambles.
All Board employees inclusing Igoe and Duxbury must go. Come on Sullivan!
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Re: West Ham accounts reveal loss of £37m

Post by Fionn »

FDiMcA wrote: Yeah.

What?
How do you reckon Curbs 'swift removal' saved us then?
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Memorial Ground
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Re: West Ham accounts reveal loss of £37m

Post by Memorial Ground »

Fionn Kiely wrote:Yeah because our finances would be in a much better state down in the Championship. For sure.
Spot on.

Also, what manager wouldn't allow the board to give them money? And let's not forget that at least one of those disaster transfers was Eggy's transfer.
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Re: West Ham accounts reveal loss of £37m

Post by Arch Dandy »

Interesting as well that before all the huge money signings and fines and what not we still lost £7.4m which makes me wonder how the club is being valued at anywhere between £80m-£150m.

Anyway as the club is still trying to sort all this mess out it certainly explains where all the players and money is going to, proving to the banks we can actually repay loans. Hopefully we can take Duxbury at his work and are back on an even keel by the start of next season.
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Re: West Ham accounts reveal loss of £37m

Post by MadMart »

WOW
2 brief points that bring a hint of positivity:

1. We still need to see the latest set of accounts which could well show an improvement in the finances
2. We didn't sell Green, Upson et al despite bids for Upson right up to the transfer window deadline

Two points that could give reason to believe the situation has improved - surely £110m would buy the club .... Mart looks to the East
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Re: West Ham accounts reveal loss of £37m

Post by ashbanki »

This is just what Trap, myself and others have been banging on about for so long.It is not whether Duxbury is or isn’t doing a good job – it is that if it is in the best interests of the club.In my opinion anything that perpetuates Icelandic ownership is not. No doubt Duxbury spin will counter these figures with a far more healthy up to date figure.
It’s all very well blaming Eggy and Curbs ,but the fact of the matter is that BG made out that he bought the club and bank rolled the spending from his own personal fortune and even claimed that the money for transfers was being converted into equity in the last published accounts.The truth is he borrowed the lot and did not put one krona of his own money into the club.
Duxbury,Igoe or anyone else privy to these awful set of accounts would have served the club better by leaking them when BG was in moratorium, thus making the job of duping other creditors into believing that WHU was the jewel in the asset crown and thus giving us a fighting chance of being sold on at a realistic price.
These figures, if true, also prove that Duxbury and the Fridge’s assertions that the club was ring fenced from it’s holding company’s debts as yet more lies.
Straumur are intent on screwing the club to within an inch of it’s life with the sole intention of extracting as much for itself/creditors as possible.I know that it was the fear of administration that is being used to justify the present actions ,but that may still happen with the present ownership.
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Re: West Ham accounts reveal loss of £37m

Post by FDiMcA »

wayneo1974 wrote:The accounts are pretty old now and dont represent the situation the club is in now, which cant be that bad as we have signed players this summer. It wont stop the doom merchants on here though.
:thup: I think the real story is we took it over the edge we crashed the business; and somehow here we are wondering if we can finish in the top half of the Prem.

At least 3 of Dyer, Quashie, LBM and Davenport are less than a season from the exit, as others have said, 2009/10 should be our last season of pain.
Portsmouth who have had simmilar adventures (only they won the cup) seem nailed on for relegation despite having been "rescued" too late this week. We have rescued ourselves, its unprecedented.
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wayneo1974
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Re: West Ham accounts reveal loss of £37m

Post by wayneo1974 »

Marky wrote:Club is a shambles.
All Board employees inclusing Igoe and Duxbury must go. Come on Sullivan!
No thanks, If Birmingham are the blueprint, they can keep Sullivan and Gold
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Re: West Ham accounts reveal loss of £37m

Post by Arch Dandy »

Fionn Kiely wrote:How do you reckon Curbs 'swift removal' saved us then?
The players he targeted cost us trillions of pounds and he refused to sanction the sale of players to cover that loss? If he'd have continued to sign the Premierships XI circa '98 and not allowed the club to balance the books we'd be in administration.

Maybe.
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Re: West Ham accounts reveal loss of £37m

Post by QuintonNimoy »

FDiMcA wrote:Put that on your CV Curbs. You were David O'Leery and we all paid for it.
Only your swift removal saved us.
:lol:
You may not have liked him Fdi, and there are rational reasons aplenty, but I didn't realise that BG was Curbs in a latex suit. Is he so uncharismatic because he's a master of disguise leading several different lives at once? Maybe he's decided not to take another job because he wants to concentrate on presenting Strictly this year.
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Re: West Ham accounts reveal loss of £37m

Post by sendô »

Looking at those figures, it's a small wonder that they didn't keep Collins and flog Upson - it seems the only reason we didn't is because we didn't get offered the £15m we wanted.
FDiMcA wrote:Portsmouth who have had simmilar adventures (only they won the cup) seem nailed on for relegation despite having been "rescued" too late this week. We have rescued ourselves, its unprecedented.
Which great escape will prove to be the greater - the survival of 2007, or the financial merry-go-round that has followed?
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Re: West Ham accounts reveal loss of £37m

Post by lentrix »

Should have sold Upson for anything north of £10m ......
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Re: West Ham accounts reveal loss of £37m

Post by QuintonNimoy »

Presumably the failed covenants lie behind our desire to negotiate all these buy to let deals, get owed transfer fees in early at a discount, get SBOBET to advance sponsorship (at a discount no doubt), etc, simply because we are now considered a leper by the banking community and can't get credit under any circumstances.

We should be firmly behind all steps to eradicate debt from the game, because until we prove ourselves to be capable of repaying our debts we won't be seeing a penny in loans which will put us well behind our rivals. Never happen of course.
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