West Ham post losses of £28.8m for 2018/19
The Premier League club’s turnover climbed from £175 million to £190.7 million last season, £127 million of which came from broadcasting and a further £27 million from matchdays.
However, this was offset by the wage bill rising by almost £30 million to £135.8 million. This took the Hammers’ wages-to-turnover ratio to 71 per cent, a year-on-year jump of ten per cent.
The club also invested heavily in the playing squad, spending £107.9 million on signings. £4 million was also spent on improving their Rush Green training ground and a further £600,000 on their women’s team, which now competes in the top-flight Women’s Super League (WSL).
Vice Chairman Karren Brady’s salary rose by nearly £250,000 to £1.14 million, while co-owners, David Sullivan and David Gold, were paid a combined £1.9 million as interest on their loans to the club of £45 million. A total of £1 million was also paid to them in partial repayment of their loans.
West Ham made £26.9 million in 2015/16, their final season at the Boleyn Ground before moving to the 60,000-seater Olympic Stadium. That increased to £28.6 million in 2016/17 but fell to £24.5 million for 2017/18.
Despite the heavy outlay on wages and signings, the club have slipped to 17th in the Premier League, only being kept out of the relegation zone on goal difference.
'Retention of our status in 2019/20 season is an absolute necessity for the future wellbeing of the club,' said West Ham, in their accounts, adding there will be 'serious financial consequences' should they be relegated into the Championship.