Debt in the afternoon

So West Ham have announced a loss of £104.2 million for the past financial year. The club is paying the price for the money splurged on unsuccessful signings like Fullkrug, Guilherme and Kilman, plus paying for the sackings of Julen Lopetegui and Graham Potter and recruitment gurus Tim Steidten and Kyle Macaulay. Turnover is down by £42.1 million with no European football or cup runs and a poor league finish. 

It's all a long way from a world class team in a world class stadium, with letting David Moyes go seem even more of an unforced error. Another big worry is that the club took out a £124m five-year loan from Rights and Media Finding Limited, which is costing a lot in interest. It would be interesting to hear Karren Brady explaining these results to Lord Sugar in the boardroom.

We're also threatened with a fire sale. The accounts state that players will have to be sold in the summer and even more go if we get relegated: "In the event the severe but plausible scenario occurs, the Group is also forecasting a liquidity shortfall in summer 2026 to a greater severity. Accordingly, more significant mitigating actions would be required such as further player disposals to generate transfer fee income and wage savings, or additional funding from the shareholders, or a combination thereof."

To be positive there are some players West Ham can sell. Niclas Fullkrug, Edson Alvarez, James Ward-Prowse and the out of favour Max Kilman would all get some money in, albeit much less than we paid for them, perhaps £30million for the lot. The sale of Paqueta might have helped a little. That would leave a lot of money still required from the board though, and it doesn't seem like David Sullivan will put anything more in and nor will Daniel Kretinsky, who owns 27 per cent of the club. The alternative to the owners injecting cash is selling off Bowen, Summerville, Fernandes, Wan-Bissaka and co.

Meanwhile there are rumours Karren Brady is set to leave. The club desperately needs new and ambitious owners who can refinance the club and buy the stadium in order to reconfigure it. It's hard to disagree with George Simms who writes in the Observer: "You have to question what David Sullivan gets out of maintaining control of West Ham: loathed by fans and unwilling to change. This is now a solely selfish pursuit, damaging to a beloved club to soothe his ego. If Brady does leave, he will be the sole face of a failing institution, knowing deep down he has failed it."