Filed: Wednesday, 14th September 2005
By: Matthew O'Greel
West Ham's latest accounts have revealed a reduction of some £4m in the club's debt - despite suffering a pre-tax loss of over £5m.
West Ham's bank borrowings have been reduced to some £29.4m according to the latest accounts which cover the period up to May 31st.
West Ham's massive wage bill - some £40m+ when last in the Premiership - was reduced to a sustainable level by selling the club's best talent, including the likes of Joe Cole and Jermain Defoe.
That 'fire-sale' - and subsequent deals including the sale of another England international, Michael Carrick - were overseen by Trevor Brooking and Alan Pardew, who has been thanked by Terry Brown for his efforts since becoming the club's 10th full-time manager in 2003.
Speaking in a press release on the club's website this morning, Brown said:
"Alan was appointed on 10th October 2003 and between that time and 5pm on 30 May 2005 the club sold 35 players, signed 26 players, reached two play-off finals, developed some excellent youngsters, dealt with some difficult issues and finally gained promotion back to the Premier League — a most remarkable achievement.
"The Coca-Cola Championship is a fiercely competitive environment and our football management team, led by Alan Pardew and Peter Grant, have worked extremely hard to gain promotion and fully deserve the recognition they have received."
Brown also took time to thank the supporters for their loyalty during the two seasons in the footballing wilderness.
"As a Club we owe an immense debt of gratitude to our supporters, who remained so loyal during our two seasons in the Coca-Cola Championship."
You can read the full statement here.
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