Where has the money gone?

Last week Nigel Kahn and I joined the Irons United Youtube show to explain the club’s finance and show where the money has gone.

The two-hour video can be seen below but the highlights of the main figures are below and the presentation can be downloaded from HERE

An Audio Podcast of the show can be found HERE-

2019 income £190.7m (Source: Companies house)

Ticket revenue £27m of which season ticket revenue is £23.5m

Commercial activities which include Corporate Hospitality (Club London and Sponsorship deals such as Betway and Umbro) = £27.5m Hospitality estimated to be £12m

TV income of £127.5m paid in instalments throughout the season

Retail/Club store £8.7m

Other Income £2m

Total Income £192.7m

Deloitte Football Rich List 2020 with West Ham listed 18th in the world is turn-over only

Total expenditure 2019 £229m

Club Operations £172m Transfers £57m

Wages £136m

Stadium Rent £3m

Depreciation of assets £2m

Interest £4m

Unspecified expenditure £27m Marketing, Rates etc

Amortisation of transfers £57m


Media rights and funding £75m facility July 2019

Three drawdowns of £10m, £16m and £13m made last summer Total £39m due for repayment in the summer of 2020

1% interest on the credit facility and 7% of funds borrowed.

Interest estimated to be £3.48m to Michael Tabor funded company

In 2013 As part of a refinancing deal David Sullivan loaned the club £6.7m as a bank of last resort charging interest. This loan was repaid over three years to David Sullivan with
the final payment made on 31st May 2016.

Tripp Smith £9.5m interest-free loan. Only repayable on sale of the club

Shareholder loans

Gold and Sullivan invested a total of £52.2m in shareholder loans to the club between 2011-2014. No additional shareholder loans have been made in the last four years. (2014=£3.5m 2013=£10.5m 2012=£35.2m 2011=£3m )

In July 2016 a company owned by David Gold and Icelandic CB Holding were paid £14.7m in settlement of loans

In August 2016 Gold and Sullivan were repaid £4.2m of their Shareholder loans plus a further £2.2m in interest

A further £10m of interest accrued at 6% was paid back to Gold and Sullivan on 18th August 2017.

The interest on the remaining balance has reduced from 7% to 4% in 2017.

On 29th August 2018 a further £4.6m of interest at 4% was paid back to the owners.

On 28th August 2019, a further £2.9m of interest at 4.25% was paid back to the owners.

On 28th August 2018 a company owned by David Gold was paid back £1m of loan capital.

Total Interest £19.7m plus another £7.2m of loan capital repaid

2010 debt £125m +

In 2010 West Ham had £110m of debts made up of £55.5m owed to banks £40m owed to other clubs and £20m owed to Sheffield United.

The 2009 accounts were the first to be released under Gold & Sullivan ownership showed £10m owed to a major shareholder

Advance on season ticket sales were £7.7m the first year and £7.25m the second year. The SBOBET sponsorship was believed to be worth £1.2m per year much of which was advanced also.

2019 debt £145m+

£45m owed to Gold and Sullivan

£9.5m owed to Tripp Smith

Transfers payments £87m

Short term bank loan of £39m excluded as paid off each year


West Ham had a net spend of £214.4m on new players over the last four years since move to London Stadium. Source: West Ham accounts and £285m net since 2010.

2015/2016 £42m

2016/2017 £33.6m

2017/2018 £12.1m

2018/2019 £89.5m

2019/2020 £35.7m

Source: Companies House

Agent fees

In 2019/2020 £13,167,647 in agent fees

In 2018/2019 £14,414,845 in agent fees

In 2017/2018 £8,387,694 in agent fees

In 2016/2017 £9,486,397 in agent fees

In 2015/2016  £2,691,331 in agent fees

In 2014/2015 £7,049,001.18 in agent fees

In 2013/2014 £6,380,339 in agent fees

In 2012/2013 £4,169,134 in agent fees

In 2010/2011  £4,436,992 in agent fees

In 2009/2010  £3,419,089  in agent fees

In 2008/2009  £5,527,548 in agent fees

Grand total: £79,130,017.18

Brady pay and bonuses

When David Sullivan and David Gold took over West Ham in 2010 they revealed they were paying Karren Brady out of their own pockets for the first six months.

The West Ham 2011 accounts show the Hammers Vice Chairman was paid £256,000 by the club for the first time.
That package increased to £427,000 in 2012 and then hiked up to a massive £1.634m in 2013 of which £1m was a bonus paid over 5 years for winning the bid to move to the London Stadium.

In 2014 her basic rose by just £2,000 to £636,000 rising by a further £10,000 to £646,000 in 2015.

2016 saw another bid rise to £907,000 before a slight decrease in 2017 to £868,000.

2018 was another bumper year with a base salary of £898,000 plus a consultant fee of £438,000 paid to a company controlled by Brady for introducing Tripp Smith as an investor making her annual total £1.336m.

In the accounts released in 2020 for 2019 her pay is seen to rise from £898,000 to £1.136m, a rise of 27% on last year.

£7.85m over eight years

She took a 30% pay cut during COVID lockdown along with David Moyes and CFO Andy Mollet

Happy to answer any financial questions on this thread

David Hautzig's Match Report

Arsenal 2, West Ham 1. Far, Far Better.

When my wife told me she had invited a few friends for a little front yard get together, I told her that was obviously fine. We hadn’t seen these people in six months due to, well, you know. But I told her that at 3pm I would be going inside to watch the match. To be fair, I don’t know why I made that choice. David Moyes had never managed a winning side at Arsenal, and based on what we saw against Newcastle there was very little reason to think he would end that snide. In fact I told our guests that if it got ugly early, I’d throw in the towel and come back out. It got ugly late enough that my guests had already left.

Masuaku is not a left back. That we know, it’s been confirmed, and needs no further discussion. But on the wing, he can offer something. He has very good ball control, and can get out of tight spaces. He won a corner in the 4th minute, Cresswell found Rice in the box with the delivery, and the young Captain Of The Day headed it back to Ogbonna alone in the box. The Italian international probably should have tried a volley, because he had to bend downward for a header and got very little pace on the ball. Leno handled it with ease.

The opening fifteen minutes were noteworthy in that West Ham seemed to be frustrating Arsenal, and Moyes decision to go with three at the back looked less insane than I had originally thought. Antonio broke down the right on a counter and got off a low shot that Leno saved without much effort, and Bowen intercepted a pass, broke into the box, and only a bad touch denied him a goal scoring opportunity.

A team with the quality of Arsenal doesn’t usually need a ton of chances to beat a side like ours. And one moment of skill can undo a lot of hard work by the opposition. That was the case in the 25th minute when Aubameyang floated a cross into the box from the left, and Lacazette was there to do what center forwards do and headed it home. VAR had a look, and while Aubameyang’s chest looked offside his feet did not. Maybe the offside rule changed? I don’t know and I don’t care anymore.

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Arsenal 1
West Ham 0

As the opening forty-five wound down, Arsenal probed and asked a few questions. The West Ham defense held their shape, with key blocks by Ogbonna and Soucek. In the 45th minute, a long clearance floated in the air like a balloon. Fornals looked like an NFL wide receiver, watching the ball come over his shoulder, and cradled it down with his feet. He then passed to Soucek, who put the ball wide to Bowen on he right. Fredericks overlapped, Bowen rolled it to him, and the much maligned right back crossed to Antonio. Moyes recently said Antonio’s future is as a striker. It’s certainly his present. He overpowered Holding to get to the ball, and the match was even.

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Arsenal 1
West Ham 1

In the opening five minutes of the second half, the instructions Arteta gave his players was pretty evident. Go over the top. Two of those passes found Aubameyang on the left, and required good defending to thwart the attack. An offside flag came to West Ham’s rescue when Saka was flagged a minute later. Moments after that it was West Ham on the front foot when Masuaku sent a delightful cross into the box that Antonio couldn’t get any power onto. Leno stopped it right on the line, and a superb chance to take the lead ended an inch away.

West Ham won a corner in the 59th minute when Fredericks got around Saka. The delivery by Bowen was good, but Arsenal cleared the area. Minutes later Bowen and Soucek threatened in the Arsenal eighteen yard box, but Bowen slipped on his shot attempt. The ball bounced off Kolasinac and out for a corner, but the visitors did nothing with that chance.

West Ham came inches away from taking the lead when Antonio got on the end of a Masuaku cross but his header hit the bar. Leno tried to roll the ball out, but he collided with a defender and lost it. Bowen tried to drill the ball into the unguarded net but it went off Leno well away from his line. A few minutes later West Ham intercepted yet another pass in the midfield and Bowen broke on the counter. He tried to cut to his left, but his shot was blocked. Arsenal broke on their own counter, and a ball over the top for Saka led to a corner. West Ham cleared, and a second goal by either side looked more and more like it would be a winner.

West Ham looked close to taking the lead in the 84th minute when a cross from Masuaku just missed a leaping Soucek. It bounced to Fredericks, who tried another cross into the box but Arsenal was able to clear. Then West Ham fans experienced what we have watched so many times. A very fine performance against a top side spoiled by a defensive lapse late on. Ceballos came down the left after a great pass from Saka, and Nketiah got away from both Diop and Ogbonna to tap it home.

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Final Score
Arsenal 2
West Ham 1

The odds were against West Ham from the start. Moyes abysmal record at Arsenal was just the start. Our awful performance last week did nothing to help quell the discontent among the natives, and the possibility of zero points by the end of October was, and still is, real. But the formation and starting eleven worked well, and just like the last game at The Emirates before lockdown West Ham have every reason to be disappointed to come away with nothing. While the result was not the desired one, the effort was. And if that currency has any value, we earned some today.

Match Thread

Match Thread: Arsenal v West Ham

Arsenal v West Ham
FA Premier League
The Emirates Stadium
KO 8pm
TV: Sky Sports
Radio: BBC Five Live

Please use this thread to comment on the match as it progresses.

Dan Coker's Match Preview

Match Preview: Arsenal v West Ham

NOTE FROM IAIN: The Predictor League for the Arsenal match is now open HERE. Because people have had difficulties in submitting their entries I’m extending the deadline until 6pm this evening. The problem (entirely of my own making, so sorry about that, has been fixed. But please check your entry is there and if it isn’t add it again. If you haven’t signed up for the new site yet, please do so HERE.

Blast from the past

30th April 1994 – Striking Distance topped the UK box office and Austrian Formula One driver Roland Ratzenberger died in a crash during qualifying for the San Marino Grand Prix. Ayrton Senna died the following day at the same event. Elsewhere, The Artist Formerly Known As Prince was number one with ‘The Most Beautiful Girl In The World’ and The Midfielder Universally Known As Mad Dog was scoring one of the most beautiful goals of the season in sealing a 2-0 victory for Billy Bonds’ West Ham United over this weekend’s opponents Arsenal in front of 33,700 at Highbury.

George Graham named a slightly weakened side for the hosts with the European Cup Winners’ Cup Final against Parma taking place just four days after the visit of the Hammers. The game was goalless until the 77th minute when Andy Linighan played a backpass to Alan Miller that fell short, Trevor Morley (pictured below) nipping in to touch the ball past the stranded ‘keeper and slot home into the unguarded net. Morley would be the Irons’ top goalscorer in 1993/94, netting 16 times in 49 appearances; he would also be voted Hammer of the Year at the end of the campaign, with Steve Potts runner-up and Matt Holmes finishing in third place..

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’Mad Dog’ Martin Allen wrapped up the three points for the visitors with just two minutes left on the clock – Academy graduate Danny Williamson, who had been sent on for his West Ham debut just a minute earlier, found Allen who produced a stepover to make space before firing an unstoppable bullet of a shot from distance beyond Miller and into the far corner of the net. The action from this match can be viewed in my video below.

The Gunners would finish fourth in 1993/94 and go on to win the European Cup Winners’ Cup, while the Hammers would end their first Premier League campaign in 13th. Manchester United won a league and FA Cup Double.

Arsenal: Alan Miller, Eddie McGoldrick (Steve Morrow), Steve Bould, Andy Linighan, Nigel Winterburn, Ray Parlour, Paul Davis, Ian Selley, Paul Merson (Paul Dickov), Kevin Campbell, Ian Wright.

West Ham United: Ludek Miklosko, Tim Breacker, Steve Potts, Tony Gale, David Burrows (Danny Williamson), Matthew Rush, Kenny Brown, Martin Allen, Ian Bishop, Mike Marsh, Trevor Morley.

Club Connections

A large group of players have turned out for West Ham United and Arsenal. Lukasz Fabianski and Jack Wilshere return to their former club. Other players to have represented both clubs include:

Goalkeepers: Richard Wright, Charles Ambler, Manuel Almunia, Jim Standen.

Defenders: Matthew Upson, James Jackson, Nigel Winterburn, Steve Walford, Bob Stevenson, Carl Jenkinson.

Midfielders: Stewart Robson, Liam Brady, Yossi Benayoun, Archie Macauley, Luis Boa Morte, David Bentley, Samir Nasri, James Bigden, Roddy McEachrane, Alex Song, Henri Lansbury, Freddie Ljungberg.

Strikers: Lucas Perez, Harry Lewis, Bobby Gould, Jeremie Aliadiere, Dick Burgess, John Blackwood, Fergie Hunt, Dr Jimmy Marshall, Kaba Diawara, Jimmy Bloomfield, Charlie Satterthwaite, Marouane Chamakh, Billy Linward, Lee Chapman, Tommy Lee, Ian Wright, Peter Kyle, John Hartson, Stan Earle, John Radford, Davor Suker.

Ron Greenwood was also assistant manager at Arsenal before becoming manager of West Ham.

Today’s focus though falls on a player who represented Woolwich Arsenal before later playing for West Ham. Fred Kemp was born in 1887 in Tottenham – he played for his school team in north London but his family moved to Barking where he played for Ethelburgas and Barking St Andrews. He spent one season with Newportonians before moving on to the Barking Victoria Club.

Kemp joined First Division Woolwich Arsenal as an 18-year-old in 1905 from Barking. A left winger, he made his senior debut in a 2-1 defeat at Birmingham on 28th October 1905 and went on to feature just once more in the league for the Gunners under Phil Kelso – his second and final match was another 2-1 loss, this time at home against Everton on 4th November 1905. Kemp struggled to maintain the form he showed at reserves level and was kept out of the Arsenal first team by the form of David Neave and Bobby Templeton.

Kemp transferred to Southern League First Division West Ham the following summer. The 19-year-old made his Hammers debut in a 3-1 win over Brentford at Upton Park on 6th October 1906 and made eight appearances in the rest of the 1906/07 season as the Irons finished fifth. He played in two matches in 1907/08, with his final match for the club being a 1-0 defeat at Bristol Rovers on 9th November 1907.

Kemp had made ten appearances for West Ham United in total, without scoring. Very little is known of what happened to Kemp after he left the Hammers, and his date of death is unknown.


The referee on Saturday will be Michael Oliver. He has refereed 25 of our matches, officiating in five wins for the Hammers, seven draws and 13 defeats. Oliver refereed the Irons six times last season, in our 2-1 home defeat to Crystal Palace last October (when he awarded the visitors a match-levelling penalty); for our 3-2 home defeat to Tottenham in November; for our 1-0 defeat at Sheffield United in January; for our 3-3 home draw with Brighton in February; for our 1-0 home defeat to Burnley in July; and, most recently, in our 1-1 draw with Aston Villa on the final day of last season.

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Oliver also refereed our 1-1 draw at Leicester in October 2018, when he sent off Mark Noble. His only previous red card issued to a West Ham player came seven seasons ago, when he sent off Kevin Nolan in our 4-1 defeat to Liverpool at Anfield in December 2013. Oliver also refereed our 3-1 home win over Manchester United in 2018/19.

Possible line-ups

Arsenal manager Mikel Arteta will be without the injured Pablo Mari, Calum Chambers, Shkodran Mustafi, Emile Smith Rowe and Gabriel Martinelli, while Sokratis is a doubt. David Luiz and Granit Xhaka should be passed fit. Arsenal manager Mikel Arteta scored 27 goals in 174 Premier League appearances for Everton, all under current Hammers boss David Moyes.

West Ham United have doubts over Jack Wilshere and Mark Noble. Five of West Ham’s eight Premier League wins over Arsenal have been in north London. The Hammers ended the 2019/20 season unbeaten in three away league matches, with Michail Antonio scoring six of the club’s seven goals during that run.

Possible Arsenal XI: Leno; Holding, Gabriel, Tierney; Bellerin, Xhaka, Elneny, Maitland-Niles; Willian, Lacazette, Aubameyang.

Possible West Ham United XI: Fabianski; Fredericks, Diop, Ogbonna, Cresswell; Soucek, Rice, Snodgrass; Bowen, Haller, Antonio.

Enjoy the game – Up The Hammers!

Nigel Kahn’s Column

Is this the way to the next level?

*NOTE FROM IAIN: The Predictor League for the Arsenal match is now open HERE. You have until 12.01pm on Saturday lunchtime to enter your team. If you haven’t signed up for the new site yet, please do so HERE.

Sha la la la la la la la
Sha la la la la la la la
Sha la la la la la la la

When the day is dawning’
On a West Ham Saturday morning’
How I long to be there
With the team who’s playing for me there
Every other ground, where I watch them play
Is twice as pretty as where my club is at

Is this the way to the next level?
Every game I’m sitting in my seat now
Dreaming dreams of the Next level
While all the tourists sit next to me
Is this the way to the next level
I’m still waiting like an idiot now
Cryin’ over the next level
Hating Karren who lied to me

Sha la la la la la la la
Sha la la la la la la la
Sha la la la la la la la
Hating Karren who lied to me

If a week is a long time in politics, then five days is a long time as a West Ham fan at the moment. Believe it or not, I like to plan the article I hope to present to you all but with all the goings at the moment its been hard to keep up with trying to present an article that is up to date as such when you read it.

The start of any season always brings the excitement that at last, the phoney news season is over, and we can, at last, get back to talking about the most important reason we support the club. Football. Sometimes I think fans can get so wrapped up in the off-field soap opera that is West Ham that they forget it is a football club.

The short close season was mired by the fact the club had no income to put into transfers and had to sell players to be able to buy anyone. Quite how has it come to this position that just four seasons into ‘project next level’ and the finances the move will bring that the club is skint & on its uppers, having to sell anything that moves to afford new blood to replace the fairly new blood that was just two seasons ago being hailed as the greatest squad in the club’s history by some.

Frankly, if you don’t know how we got to be in this situation then you have done well to avoid the club’s social media commentators (yes me as well), all with their take as to why and how. The number of fans we have that are accountants now has stunned me, as I thought we were a working-class supported club not populated by the grey middle-class numbers and figures people that at work are shunted to the part of the building no one wants to be in or if you have to go there, no co-worker seems to know where they are.

The problem I have is so much is put out about the owners’ financial dealings in the club, so many claims, that some of the claims are repeated so often that it seems to most of the fan base, it becomes the truth. It does seem that a lie can travel ten times quicker than the truth and the problem I have is when you accuse the owners of lying to the fans the last thing fans should do is tell lies about the owners, or untruths, to expose them.

Facts are facts and the facts are that the club is in the mire, the reason for that is the mismanagement of the club by those entrusted to do so.

Mis-managed for me since the day they walked in.

I don’t think though, they have robbed the club (of money), stolen money of asset stripped the club (playing wise). Last week Sean Whetstone and I took part in a video on Irons United YouTube platform that set out the finances of the club through the Dave’s ownership of the club. The reason I went to Sean with the idea was to put out the facts of the finances using the club’s accounts over the previous 10 years. I did say to him I want no, or minimal, use of senior source information. It had to be verifiable use of facts. Now, this isn’t me going soft on the ownership nor is it Sean working me to come round to his way of thinking. It was done to show that the ownership of the Daves can be damned by using the facts against them. That we are in this mess due to the way they have run the club over the 10 years they have had it. The accounts show it all there. Facts and truth.
It shows that despite what Deloitte & Touche say, we are not a rich club, Wealth is not equated by income but by how much money it has. We may have the 18th biggest income but if the outgoings exceed the income was left in the situation we are in now.


It seems that the beginning of the end is here. Stories came out this week of two bids made by unknown Americans. Strangely, though, it seems not all is there. It is rumoured that bids were sent directly to DS, not to the club and its possible that some directors knew nothing of the bids.

Did they bid than for all the club, or just the 51% owned by the largest shareholder?

With the excitement of finally a chink of lite to ending the era of the Daves, it is tempered though by the fact that it could be out of the frying pan, into the fire. Whoever buys a Premier League club is predominately doing it now to try to make money out of the club. Hopefully, that is achieved by bringing real success to the club, but the first question that should be asked of any potential owner is “what you going to do if you don’t make money?” as the current owners have failed at that and so we are now in this mess.

Looking through the vast list Sean W put on here Sunday, out of the Americans listed it is the Creative Arts Agency which seems most likely. They may be a bit far out there as potential owners go until you see one of their biggest clients is James Cordon. 2 & 2 may end up being 5, but watch this space, as they say.


Did you renew, naturally I did, but then again I’m a proper mug punter, one of those that would go even if relegation meant we were in League 2, not just the Championship.
I’m not buying the clubs “sales are going well” statement as they moved the renewal deadline twice. When I rang to renew, the day before the 1st deadline expired, I waited only 40 minutes, had 50 people in front of me. Normally it was so bad it was quicker for me to drive to the ground and renew than it was to wait the 90-120 minutes I had been quoted as waiting time in the past.

The fact they moved to a 2nd renewal date, after the 1st game of the season had played to boot, and they have sent letters out saying there will be no members or general sale of season tickets to the waiting list (don’t laugh) says to me this will be the biggest single drop in season ticket ownership ever in the club’s history. Now that is proper damnation of the ownership by the fanbase if ever there was one.


As a new convert to the German game, I have started to try to get a better understanding of the way they run the game out there. My weekend out there last December showed me that going football for pure enjoyment is possible, I’m not emotionally attached to any club so to go for just pure enjoyment was refreshing and showed actually that it is their model of fan experience the Premier League should be looking at.

Also, the Germans seem to many to be great organisers so its interesting to see how they bring football fans back in line with COVID restrictions as compared to what I presume will be money orientated grab by Premier League clubs.

Bundesliga news website carried the following news…

This week it’s been agreed that restricted fan attendance can be commenced. Entrance to stadiums must be regulated, the wearing of masks is obligatory when spectators are not in their designated seats, and sections of the stadiums must be cordoned off in accordance with social distancing requirements. Travelling fans and alcohol sales will also continue to be prohibited. As has been the case in all partial re-openings, only contact traceable season-holders will be allowed in. If in any region the number of new infections exceeds 35 per 100,000 inhabitants in a given area for seven consecutive days, any public gathering can be cancelled. The current 20-per cent occupying capacity country-wide decree runs for six weeks. It shall be re-assed at the end of October.

If the 20% model is retained in the Premier League then that means only around 13,000 fans can attend our games, it is not football as we know and love, but when I attend, ill be so grateful to just be there, I’d care not a jot that it’s a sanitized version.

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