It has been revealed that an unnamed director of West Ham United was paid in excess of £1.6million last season.
The huge sum, almost certainly a bonus payment in relation to a particular target being reached was revealed in the latest set of accounts for season 2012/13, which were released this week. From a total of £1,962,000 paid to the Club's directors during the season, £1.634,000 went to just one director.The accounts also revealed that WH Holdings, West Ham United FC's parent company enjoyed a turnover just shy of £90million in 2012/23 - the club's first season back in the Premier League following promotion from the Championship - and recorded an operating profit of £1.05million. However with interest payments taken into account, an overall loss of £3.5million was made.
The steady process of shifting debts from the banks into personal loans by the Club's -co-owners, David Gold and David Sullivan, is also clearly evident.
And whilst the overall figure owed to creditors stands well in excess of £100million, the vast majority of that sum remains manageable following the refinancing of the Club (a re-arranged loan with Barclays Bank covering some £45million) plus the co-owners' decision to convert a similar amount of debt into personal loans.
"My board and I are delighted with the achievements we have made this season," wrote David Sullivan. "During the year we bought Matt Jarvis, Mo Diame, James Collins, Alou Diarra and Modibo Maiga, investing a total of £26.7million.
"Subsequent to the year end, we have further invested in the playing staff for the 2013/14 season with the significant purchase of Andy Carroll and Stewart Downing. After the season ended I further invested in the Club by purchasing 25 per cent of the Club from CB Holdings ehf, taking the combined shareholding of myself and David Gold to 86.2 per cent.
"This season will bring its own challenges but we continue to believe that we will deliver both on and off the pitch by investing in the team, the brand and managing the business well."
Vice-Chair Karren Brady added: "2012/13 was a very successful year for the Club both on and off the pitch. Off the pitch all areas of income increased, from ticket sales to commercial revenue, creating total additional revenue of £43.6million this year.
"The Retail team drove a 25 per cent increase in sale achieving a Club record high in turnover. The Commercial and Sponsorship departments generated £13.9million of revenue, another record. The Marketing team delivered 17 sell-out crowds and the Ticketing team increased match day sales by 32 per cent to £18million.
"Through the hard work of a fantastic, dedicated, loyal and determined team the Club has grown in size, revenue and in stature. The management team off the pitch were able to capitalise and maximise on all the opportunities the manager and the team delivered on the pitch."
To see how the latest set of accounts compare with the 2011/12 Championship season, see below...
The 2012/13 Accounts: Main Points
The main changes in the last 12 months
* Turnover UP from £46million to £90million
* Operating Profit UP from -£22million to £1million
* Wage bill UP from £35million to £49million
* Directors' Remuneration UP from £669,000 to £2million
* Net debt UP from £71million to £77million
* Sponsorships (including TV revenue) UP from £20million to £52million
* Shareholders loans UP from zero to £45.7million
* Number of staff DOWN from 586 to 580
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