West Ham accounts reveal loss of £37m

[Hambrosia Stu]

Go into admin...get relegated and get the whole sorry mess over and done with.

Start anew...

I don't care if we are in bloody league 2 I will still support and we'd be out of this s***e!

Fed up with it all now...

Whilst I can appreciate the sentiment, I can't agree with that

My main worry is having to sell our youngsters. It seems we have another golden generation coming through (Nobes, Collison, Stanislas, Tomkins etc). I don't want to be sat watching England in 6 or 7 years time thinking what if? In the way we do now watching the likes of Rio

Ijust hope we can ride out the storm and keep hold of our youngsters. I'd be happy with 2 years of finishing 16th or 17th, so long as we hang on to our best youngsters

[Torquemada]

When it rains, the banks will take away your umbrella. Our ejection by force from the materialist world gives us an opportunity to return to grassroots, rediscover our footballing faith and reach a higher plane of sporting existence. Obama can come to watch us safe in the knowledge he won't be charged with glory seeking or decadent self indulgence, in fact he'd be suffering a cathartic new era of austerity along with the rest of us, a bit like visitng the diseased and starving of the world. No chance of a bail out though.


Poetry.
I like it.

[Chekov]

As many have posted here and elsewhere, if Zola keeps us up this season - we will have got away with it.

It should be clear by December how we are doing in the league, and in Jan we should get Ashton avaialabel or retired and bring in some additions.

IMHO if we are 13th or higher at Xmas - we have got out of jail and should hold a large party

That is pretty much my take on things.

It has only been clear to me in retrospect quite how bad our financial position was (and incidentally why settling with Sheff Utd may have been the only option given that it now seems possible that a punitive damages ruling could have meant administration).

If we stay up this season (and I think we will, mainly because quite a few other clubs seem to be struggling both financially and on the pitch) then we will have been very lucky. Our survival will probably come down to the fact that we continue to develop good youngsters allowing us to absorb a certain amount of player sales.

[Lowlife]

Scott Duxbury, late June 2009 in interview on West Ham Till I Die Blog, “there was quite a lot of pressure from our banks that we should sell Scott Parker. I argued very strongly against to the point of, er, perhaps moving on, because we had never breached any of our banking covenants. We had always made our repayments back, but because the banks were getting nervous about their own situations, to me they were putting undue pressure on us and trying to interfere in the operation.”

Nick Igoe, August 2009, “The scale of operating losses and wages caused the group to breach certain banking covenants in 2007-08. Although the group's banking syndicate [later] waived these breaches, a business strategy which relies on the goodwill of the group's bankers to waive covenant breaches is fundamentally flawed."

[mickfbrown]

Scott Duxbury, late June 2009 in interview on West Ham Till I Die Blog, “there was quite a lot of pressure from our banks that we should sell Scott Parker. I argued very strongly against to the point of, er, perhaps moving on, because we had never breached any of our banking covenants. We had always made our repayments back, but because the banks were getting nervous about their own situations, to me they were putting undue pressure on us and trying to interfere in the operation.”

Nick Igoe, August 2009, “The scale of operating losses and wages caused the group to breach certain banking covenants in 2007-08. Although the group's banking syndicate [later] waived these breaches, a business strategy which relies on the goodwill of the group's bankers to waive covenant breaches is fundamentally flawed."

As I thought we cant trust a word Mr Duxbury says......

[QuintonNimoy]

Scott Duxbury, late June 2009 in interview on West Ham Till I Die Blog, “there was quite a lot of pressure from our banks that we should sell Scott Parker. I argued very strongly against to the point of, er, perhaps moving on, because we had never breached any of our banking covenants. We had always made our repayments back, but because the banks were getting nervous about their own situations, to me they were putting undue pressure on us and trying to interfere in the operation.”

Nick Igoe, August 2009, “The scale of operating losses and wages caused the group to breach certain banking covenants in 2007-08. Although the group's banking syndicate [later] waived these breaches, a business strategy which relies on the goodwill of the group's bankers to waive covenant breaches is fundamentally flawed."

Caught out polishing the turd again.

[Kialos]

Igoe's comments pertain to the ye 2008 accounts. Duxbury is referring to January 2009 is he not?

[QuintonNimoy]

Igoe's comments pertain to the ye 2008 accounts. Duxbury is referring to January 2009 is he not?

Scott says we had never broken banking covenants. Never ever. At no time. Ever. Could just be a slip of the tongue of course.

[m-h]

Go into admin...get relegated and get the whole sorry mess over and done with.

Start anew...

I don't care if we are in bloody league 2 I will still support and we'd be out of this s***e!

Fed up with it all now...

get to 45 points, miss europe, but with 10 point deduction, stay in the league and go into voluntary administration. guess GBH correction CBH wouldn't like that. But if threatened with it force them to sell the club.

[FDiMcA]

It has only been clear to me in retrospect quite how bad our financial position was (and incidentally why settling with Sh*ff Utd may have been the only option given that it now seems possible that a punitive damages ruling could have meant administration).

If we stay up this season (and I think we will, mainly because quite a few other clubs seem to be struggling both financially and on the pitch) then we will have been very lucky.


Our survival will probably come down to the fact that we continue to develop good youngsters allowing us to absorb a certain amount of player sales.

The Sheff Utd settlement was shocking, I think its also possible that as well as the timing of it being influenced by our weakness and fear rather than a belief we would loose, the value of the settlement and payment terms of it, were based on increases in turnover from Sky , sponsorship, etc. So although its real money, it was effectivley not making our position worse (just giving away future money that would have made it better)

It does seem that few other clubs have progressed. Sunderland aside it would be hard to name a club who finished bellow us who have had a strongly positive summer. I also think that 10 or so game run after Zola took over wherein he was remodelling the team and style handicapped our final points tally. This season we have other handicaps (no RB. few strikers), but Zola is already on a roll.
I think had Zola had a full pre-season and season last year we would have got better results in Sep/Oct/Nov

If we do survive, the statute commemerating it should have Zola, Clarke, and SD hoisting Carr aloft.

[westhammart]

Am i right in thinking that our current situation may not be all that bad! These accounts are only up to May 08. Since then we have had 2 lots of premier league money come in and have sold off bellamy, collins, ferdinand, mccartney, savio etc and have prob spent a small amount bringing players in. Obviously we have the Sheff utd payments to make, dyers wages and llungbergs payoff but we may not be in the crap we are worried about!

[Tel The Hammer]

I was expecting this to be honest... Duxbury pretty much said it during his interview.

Come next year (when this years accounts are published), we'll be able to see where we are really at.

Don't get too emotional yet fellas...mostly just the media creating the hype because it's West Ham.

That's pretty much how I see it, too.

Touch wood we don't do a Pompey in January and we can get some new owners in next summer to steady the ship.

After reading that idiot Duxbury's interview with kumb a while back, this all comes as no shock at all to me.

[Jamesy]

We need new owners pronto!
Why cant we get bought by a consortium like City did?
Is David Gold still interested in buying us?

[JonG86]

Scott says we had never broken banking covenants. Never ever. At no time. Ever. Could just be a slip of the tongue of course.

I am more than happy with Dux lying to the banks so that we don't sell Scott Parker.

[bspur1]

Igoe's comments pertain to the ye 2008 accounts. Duxbury is referring to January 2009 is he not?

Duxbury is referring to Parkers loan and Lgoes is talking about all our loans,
If the payments on the parker loand are being made on time then Duxberry statement is correct

[QuintonNimoy]

Igoe's comments pertain to the ye 2008 accounts. Duxbury is referring to January 2009 is he not?

Duxbury is referring to Parkers loan and Lgoes is talking about all our loans,
If the payments on the parker loand are being made on time then Duxberry statement is correct

Dux says never on any, not never on the ones pertaining to Parker.

[rendog2]

My main worry is having to sell our youngsters. It seems we have another golden generation coming through (Nobes, Collison, Stanislas, Tomkins etc). I don't want to be sat watching England in 6 or 7 years time thinking what if? In the way we do now watching the likes of Rio

Ijust hope we can ride out the storm and keep hold of our youngsters. I'd be happy with 2 years of finishing 16th or 17th, so long as we hang on to our best youngsters

Yep. As you say Brown's short sightedness was disgusting. He could have developed a title-winning side with that batch we had before and a few good signings.

[QuintonNimoy]

I am more than happy with Dux lying to the banks so that we don't sell Scott Parker.

Is that not fraud?

[Lowlife]

Dates are irrelevant, Duxbury said, “we had never breached any of our banking covenants”, Igoe said that we had. Either Duxbury doesn’t know what is going on with the banks, or one of them isn’t telling the truth.

[FDiMcA]

Im not putting this in the credits to Duxbury column, but I am glad that before the trasfer window had closed nobody from the club had admitted that we were only still trading on the goodwill of the banks having failed to meet financial commitments, I imagine that would have triggered the sort of cash-up front only leprosy which would have hindered our aquisitions, and hastened a few departures.
Also the headline figure on the debt and the clarity of the peril we had been in, its great that this market sensitive information was ridiculously delayed untill after the window.

Had the club been more transparrent with the siutuation earlier I feel sure it would have harmed the transfer window activity.