Wednesday, January 20

Debt in the afternoon

Frightening financial facts to emerge from the Sullivan/Gold press conference are that we have already taken 70 per cent of next season's season ticket money and 60 per cent of the season after.

And also that we are not owed any money by other clubs as the money from selling players has gone straight to the banks.
Sullivan says we owe £50 million to the banks and £40 million to other clubs, plus the Curbishley settlement (around £2 million?).
That adds up to about £92 million, although Sullivan quoted a total debt of £110 million.

They say they've paid off a little of the debt in the new deal (around £22 million according to the Guardian) so it should be less than that now, but it's still huge.
Hopefully Sullivan is talking up the debt so that if it's then reduced he gets more credit.

The big hope has to be that the other 50 per cent of the club is bought by wealthy fans and he's asked for them to join them in a "government of national unity" (or would it be more like Dad's Army?). Sounds like a mission for Barack, Russell and Katy.


Paul Seaman said...

I posted this on my PR blog:

Pornographers buy West Ham United

matt said...

I think the total debt of £110 million includes the amounts we have taken from the next two lots of season ticket money, and possibly the fact that the sponsors have paid upfront for the next couple of seasons as well. Unless we can sell about 30 million of those Katy Perry basques, it is hard to see that level of debt being sorted without flogging the Boleyn and renting the Olympic Stadium.

Pete May said...

If the Queen's a fan, as the Daily Mirror claimed last summer, maybe she could flog a Palace or two... or transfer Prince William to the US for a large sum?

Pete May said...

Good blog on WHU from Elm Park lad turned Swiss-based PR Paul Seaman everyone

And a fine piece on Ian Dury too. The new film is great and marvellously acted by the way. As Paul repeats the lyrics to Razzle in My Pocket in his blog, I thought might be of interest comsidering our new owners:
"In my yellow jersey, I went out on the nick.
South Street Romford, shopping arcade
Got a Razzle magazine, I never paid
Inside my jacket and away double quick.
Good sense told me, once was enough
But I had a cocky eye on more of this stuff
With the Razzle in my pocket, back to have another peek"

Fiona Melville said...

Just to let you know there's a new book 'Match Fixer' by West Ham fan Neil Humphreys. If you'd like a copy let me know. Neil is an international sports journalist and has fictionalised characters and events in order to dish the dirt on match fixing and corruption in Asia which is spreading its tentacles to the British Premier League.