Duxbury's 'disaster' warning

  • by Staff Writer
  • Saturday, 27th June 2009

Scott Duxbury had told KUMB.com that the much-delayed club accounts are 'a disaster'.

West Ham United CEO Duxbury, talking to KUMB.com for our latest Q&A admitted that the twice-postponed figures reveal substantial losses incurred as a result of Eggert Magnusson's 'massive player acquisition programme'.

Duxbury also revealed that transfer fees for players such as Matthew Upson - for whom the financing was thought to have come personally from Bjorgolffur Gudmundsson - were actually secured on bank loans; loans which the club is now in the process of repaying.

"The accounts were a disaster; we've had absolute Hell," said Duxbury. "We've had the owner going bankrupt, XL ... it's been an absolute disaster.

"We've had massive pressure from the banks. The collapse of our various partners and owner conincided obviously with the banking world just being absolutely destroyed.

"When Eggert came in we embarked on a massive player acquisition programme. It's not just the transfer fees, it was the salaries that were given. And all of this, we didn't know, was bank funded - it wasn't owner funded.

"Then the banking world collapses and they said 'we want our money back'. Fantastic."

However Duxbury added that the club are now back on an even keel whilst confirming that Gianfranco Zola will have substantial funds at his disposal from the summer of 2010 onwards - although this summer, any inward acquisitions are likely to be loan-based, as per the recent Luis Jimenez transfer.

"Ironically the past year-and-a-half has been the best it's been," added Duxbury, "because we haven't had an owner.

"We've been able to just get on and run the club without interference and basically implement the business plan."

You can read the full interview with Scott Duxbury here on KUMB on Monday morning.

* Something to say about this story? Please visit the KUMB Forum to leave a comment.



More News