Revealed: West Ham owe £70m in transfers
West Ham owe a mammoth £70m in player transfers after their club-record 2018-19 spend, Football Insider can reveal.
The club posted a £28m loss in their most recent set of financial results despite turnover increasing £15m to £191m.
Analysis of the West Ham accounts show the club are still counting of the cost of heavy spending for the year ending 31 May 2019.
They still owe £70m in fees paid for stars in ex-manager Manuel Pellegrini’s first campaign.
The Hammers backed the Chilean to the hilt with the then club-record purchase of Felipe Anderson, as well as massive fees for Issa Diop and Andriy Yarmolenko.
With a financial crisis looming over Premier League clubs amid the devastating impact of the Coronavirus pandemic, the Hammers are among those in testing waters.
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It is common for multi-million pound transfers to be staggered over many years, often across the duration of a player’s contract.
That spreads the costs over a long time frame and eases the burden on a single accounting period.
The West Ham board have come in for criticism from their own supporters for a lack of ambition in the transfer market but the club revealed that they have spent £214.4m net on new players in the last four years.
The precarious state of West Ham’s finances comes amid fears Premier League clubs would lose a combined £750m if the season ended now.
Before last season West Ham had been profitable in four of the last five years.
In other West Ham news, it can be REVEALED that the club stand to lose £37m in devastating blow.