West Ham have released their latest set of accounts for the period up to 31st May 2010.
The accounts confirm that West Ham have recorded a pre-tax loss of some £20.6million, up by over 20 per cent on last year's figures.However the club's wages-to-turnover ratio has been reduced from 79 per cent to 70 per cent as a result of a 13 per cent reduction in wage costs (savings made from player wages, staff and concessions, such as the removal of free season tickets to the likes of the Lyall family) - a figure considered to be the uppermost acceptable level.
The accounts - the first set revealed since Davids Gold and Sullivan purchased the club in January 2010 - also reveal that £10million of debt owed to Straumur, the club's former owners has been converted into shares.
Other debts - including banking covenents of nearly £40million - have been renegotiated, allowing the club until 2013 to settle them. However it was also confirmed that over £25million of shareholder cash - from Sullivan and Gold and other small stakeholders - has been pumped intp the club to keep it afloat.
* You may view a copy of the latest set of accounts here.
The latest accounts - key figures
Annual Turnover: £71.7million (down from £76.1million in 2008/09)
Wage Bill: £50.3million (down from £60million in 2008/09)
Operating Profit/Loss: -£3million (down from -£14.6million in 2008/09)
Profit/Loss before taxation: -£20.6million (up from -£16.2million in 2008/09)
Season ticket sales: 22,475 (down from 23,100 in 2008/09)
Outstanding banking facilities (to be repaid by December 2013): £38.5million
Outstanding loans from CB Holding (to be repaid by 1 September 2011): £4.6million
CB Holding's stake in West Ham Utd FC: 35%
Straumur's shareholding of CB Holding: 69.4%
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