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

Arts and Entertainment
Lou Reed distorted the truth about his upbringing, and since his death in 2013, biographers and memoirists have added to the myths
musicThe truth about Lou Reed's upbringing beyond the biographers' and memoirists' myths
News
people
News
Ed Miliband received a warm welcome in Chester
election 2015
Life and Style
Apple CEO Tim Cook announces the Apple Watch during an Apple special even
fashionIs the Apple Watch for you? Well, it depends if you want it for the fitness tech, or for the style
Have you tried new the Independent Digital Edition apps?
Caption competition
Caption competition
  • Get to the point
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

NHS struggling to monitor the safety and efficacy of its services outsourced to private providers

Who's monitoring the outsourced NHS services?

A report finds that private firms are not being properly assessed for their quality of care
Zac Goldsmith: 'I'll trigger a by-election over Heathrow'

Zac Goldsmith: 'I'll trigger a by-election over Heathrow'

The Tory MP said he did not want to stand again unless his party's manifesto ruled out a third runway. But he's doing so. Watch this space
How do Greek voters feel about Syriza's backtracking on its anti-austerity pledge?

How do Greeks feel about Syriza?

Five voters from different backgrounds tell us what they expect from Syriza's charismatic leader Alexis Tsipras
From Iraq to Libya and Syria: The wars that come back to haunt us

The wars that come back to haunt us

David Cameron should not escape blame for his role in conflicts that are still raging, argues Patrick Cockburn
Sam Baker and Lauren Laverne: Too busy to surf? Head to The Pool

Too busy to surf? Head to The Pool

A new website is trying to declutter the internet to help busy women. Holly Williams meets the founders
Heston Blumenthal to cook up a spice odyssey for British astronaut manning the International Space Station

UK's Major Tum to blast off on a spice odyssey

Nothing but the best for British astronaut as chef Heston Blumenthal cooks up his rations
John Harrison's 'longitude' clock sets new record - 300 years on

‘Longitude’ clock sets new record - 300 years on

Greenwich horologists celebrate as it keeps to within a second of real time over a 100-day test
Fears in the US of being outgunned in the vital propaganda wars by Russia, China - and even Isis - have prompted a rethink on overseas broadcasters

Let the propaganda wars begin - again

'Accurate, objective, comprehensive': that was Voice of America's creed, but now its masters want it to promote US policy, reports Rupert Cornwell
Why Japan's incredible long-distance runners will never win the London Marathon

Japan's incredible long-distance runners

Every year, Japanese long-distance runners post some of the world's fastest times – yet, come next weekend, not a single elite competitor from the country will be at the London Marathon
Why does Tom Drury remain the greatest writer you've never heard of?

Tom Drury: The quiet American

His debut was considered one of the finest novels of the past 50 years, and he is every bit the equal of his contemporaries, Jonathan Franzen, Dave Eggers and David Foster Wallace
You should judge a person by how they peel a potato

You should judge a person by how they peel a potato

Dave Hax's domestic tips are reminiscent of George Orwell's tea routine. The world might need revolution, but we like to sweat the small stuff, says DJ Taylor
Beige is back: The drab car colours of the 1970s are proving popular again

Beige to the future

Flares and flounce are back on catwalks but a revival in ’70s car paintjobs was a stack-heeled step too far – until now
Bill Granger recipes: Our chef's dishes highlight the delicate essence of fresh cheeses

Bill Granger cooks with fresh cheeses

More delicate on the palate, milder, fresh cheeses can also be kinder to the waistline
Aston Villa vs Liverpool: 'This FA Cup run has been wonderful,' says veteran Shay Given

Shay Given: 'This FA Cup run has been wonderful'

The Villa keeper has been overlooked for a long time and has unhappy memories of the national stadium – but he is savouring his chance to play at Wembley
Timeless drama of Championship race in league of its own - Michael Calvin

Michael Calvin's Last Word

Timeless drama of Championship race in league of its own