West Ham reveal increased debts

The club are currently in a fight against Premier League relegation

West Ham's net debt has increased to £77million and owners David
Sullivan and David Gold have loaned the club another £10.5million to try
to secure their Premier League status, the club's annual accounts have
revealed.

For the year ending May 31 2013, when they finished 10th in the Premier League, West Ham enjoyed record revenue of £89.8million and had more commercial income than ever before but the club still made a loss of £3.5million.

That, however, was a significant improvement on the £24million loss of the season before, when they were in the Championship, and club bosses believe the move to the Olympic Stadium in 2016 will herald a new era of financial success.

The co-owners have now loaned the Hammers a total of £45.7million and in the summer refinanced the club's bank loans - these now total £26.7million, payable in January 2016, plus a further £15million the club took out on a short-term basis secured on broadcast income.

The riches from the new Premier League TV deal, which became available last summer, are worth an extra £20million a year, say the club.

West Ham's vice-chairman Karren Brady said in the annual report: "The board is determined to maximise the prospects of retaining Premier League status by making a significant investment in the playing squad.

"The group benefited from excellent support from the major shareholders David Sullivan and David Gold who invested loans totalling £10.5million during the year.

"The three-year TV contract from the summer of 2013 is likely to be worth at least an estimated £20million annually."

Brady added that new Premier League spending controls would "limit the ability of clubs to over-extend themselves on player costs" and will help West Ham "increase profitability".

The accounts show West Ham's wage bill increased to £56.2million from £41.6million.

The highest-paid director, believed to be Brady, received £1.6million up from £427,000 no doubt in recognition of record figures of turnover, attendance, commercial income and the securing of the Olympic Stadium from the start of the 2016-17 season.

Meanwhile, West Ham manager Sam Allardyce said the loan signings of Italian pair Antonio Nocerino, a midfielder from AC Milan, and striker Marco Borriello, from Roma, should breathe new confidence into the club, which has been in or close to the relegation zone all season.

He does not, however, expect to bring in any more new players this transfer window.

Allardyce said: "At long last, after a gruelling eight weeks or so, we've finally managed to secure two new faces.

"Milan have taken Michael Essien from Chelsea, which left the door open for Antonio to come and try and play in the Premier League, which he's very excited about.

"He wants to play and wants to achieve as much as he did in Italy, as well as wanting to get in the Italian squad for the World Cup.

"Marco wants to come and chance his arm, like most players will, in the most exciting league in the world.

"He has got a good track record for being a lively frontman scoring a few goals, even though recently that's not been the case due to a few niggly injuries.

"With the reintroduction of Andy (Carroll) now as well as Marco, it should bring a bit more optimism to everyone at West Ham at the moment, with the fact that these players are coming back, new players have signed and obviously some big games coming up for us."

Nocerino should be available for face Chelsea on Wednesday and Allardyce insists though it will be tough at Stamford Bridge the Hammers can cause an upset.

He added: "Jose seems to have made Chelsea very difficult to break down again and that frees up their quality players to make an impact.

"West Brom should have beaten Chelsea earlier in the season. So if we play to our best we can get a good result."

PA

Have you tried new the Independent Digital Edition apps?
News
Jerry Seinfeld Comedians in Cars Getting Coffee
peopleSitcom star urges men to be more supportive of women than ever
Life and Style
Living for the moment: Julianne Moore playing Alzheimer’s sufferer Alice
health
News
Jay Z
businessJay-Z's bid for Spotify rival could be blocked
Sport
footballLouis van Gaal is watching a different Manchester United and Wenger can still spring a surprise
News
The spider makes its break for freedom
VIDEO
Caption competition
Caption competition
Latest stories from i100
Have you tried new the Independent Digital Edition apps?

Bleacher Report

Daily Quiz
Independent Dating
and  

By clicking 'Search' you
are agreeing to our
Terms of Use.

Day In a Page

War with Isis: Iraq's government fights to win back Tikrit from militants - but then what?

Baghdad fights to win back Tikrit from Isis – but then what?

Patrick Cockburn reports from Kirkuk on a conflict which sectarianism has made intractable
Living with Alzheimer's: What is it really like to be diagnosed with early-onset dementia?

What is it like to live with Alzheimer's?

Depicting early-onset Alzheimer's, the film 'Still Alice' had a profound effect on Joy Watson, who lives with the illness. She tells Kate Hilpern how she's coped with the diagnosis
The Internet of Things: Meet the British salesman who gave real-world items a virtual life

Setting in motion the Internet of Things

British salesman Kevin Ashton gave real-world items a virtual life
Election 2015: Latest polling reveals Tories and Labour on course to win the same number of seats - with the SNP holding the balance of power

Election 2015: A dead heat between Mr Bean and Dick Dastardly!

Lord Ashcroft reveals latest polling – and which character voters associate with each leader
Audiences queue up for 'true stories told live' as cult competition The Moth goes global

Cult competition The Moth goes global

The non-profit 'slam storytelling' competition was founded in 1997 by the novelist George Dawes Green and has seen Malcolm Gladwell, Salman Rushdie and Molly Ringwald all take their turn at the mic
Pakistani women come out fighting: A hard-hitting play focuses on female Muslim boxers

Pakistani women come out fighting

Hard-hitting new play 'No Guts, No Heart, No Glory' focuses on female Muslim boxers
Leonora Carrington transcended her stolid background to become an avant garde star

Surreal deal: Leonora Carrington

The artist transcended her stolid background to become an avant garde star
LGBT History Month: Pupils discuss topics from Sappho to same-sex marriage

Education: LGBT History Month

Pupils have been discussing topics from Sappho to same-sex marriage
11 best gel eyeliners

Go bold this season: 11 best gel eyeliners

Use an ink pot eyeliner to go bold on the eyes with this season's feline flicked winged liner
Cricket World Cup 2015: Tournament runs riot to make the event more hit than miss...

Cricket World Cup runs riot to make the event more hit than miss...

The tournament has reached its halfway mark and scores of 300 and amazing catches abound. One thing never changes, though – everyone loves beating England
Katarina Johnson-Thompson: Heptathlete ready to jump at first major title

Katarina Johnson-Thompson: Ready to jump at first major title

After her 2014 was ruined by injury, 21-year-old Briton is leading pentathlete going into this week’s European Indoors. Now she intends to turn form into gold
Syrian conflict is the world's first 'climate change war', say scientists, but it won't be the last one

Climate change key in Syrian conflict

And it will trigger more war in future
How I outwitted the Gestapo

How I outwitted the Gestapo

My life as a Jew in wartime Berlin
The nation's favourite animal revealed

The nation's favourite animal revealed

Women like cuddly creatures whilst men like creepy-crawlies
Is this the way to get young people to vote?

Getting young people to vote

From #VOTESELFISH to Bite the Ballot