Filed: Tuesday, 22nd May 2012
By: Staff Writer
David Gold admitted that West Ham's financial worries have been eased considerably by a return to the Premier League - but insisted that restored pride was just as important to the club and its supporters.
Billed as the richest game in world football, as winners of last weekend's Championship play-off Final West Ham are guaranted a minimum £90million windfall over the course of the next four seasons.
But Gold believes that as far as the supporters are concerned, it's the ability to hold your head high that is just as important. "One of the big things outside of the money is the pride," he told Talksport. "You can see fans' pride comes flooding back; their football club is back in the Premier League.
"They go to work every day in an area when there are fans of Tottenham, Arsenal and Chelsea and now they can walk in and say "I'm a West Ham fan and I support a Premier League club". Pride is very important and sometimes we underestimate that."
However as co-owner of the club, along with David Sullivan, for Gold it's the fiscal benefits that will ultimately prove most rewarding. Now that promotion has been secured, attention turns to next season and ensuring the club remains in the Premier League beyound 2012/13.
"David and myself had dinner last night and the discussion was "what's the next step"?," he said. "Obviously we've got plans in place and we must make sure that we stay in the division for another season and then things begin to improve.
"Emails are flying backwards and forwards between Sam, myself and David Sullivan. It's a busy, busy time. But we've still got a long way to go.
"We inheritited a huge amount of debt when we arrived and the first thing was to get back into the Premier League, that was the first part of the financial plan.
"People talk about this £90million and it's vitally important that the money is generated, but by the same token the expenditure goes up by huge percentages. So though you've got the money coming in spread over four years, equally your expenses go through the roof - and that's what makes life difficult."
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Gold: we can win the Europa League [22nd May 2016]
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by Tell it how it is Charlie!
05:30PM 22nd May 2012
''But basically Mr. Gold, if you´re reading this you have to run the club as a proper going concern, only pay what the club can afford. No player is worth 30 per cent of total income. You cannot live beyond your means forever. Is it not time you stood up to players and their ridiculous wage demands? Is it not time to put in a wage structure at the club?
The whole of football is heading for a financial tsunami, what do you reckon old Cearns would have made of today´s West Ham pay structure? You have to run West Ham the Cearns/West Ham way (well perhaps a little investment here there). Cearns, certainly was tight.
Notice today that the Tesco boss, Clarke, has turned down his bonus for poor performance. Shouldn´t most player pay be performance related? Contracts should be written more in the interests of the club. Are you now going to stand up for the interests of West Ham PLC, Mr. Gold? First things first get this debt down to say £30m at the club making a profit each year of £10m and then the debt looks manageable. When you make a profit that´s when you should be a proud man Mr. Gold!''