Stefan Borson can’t quite believe it after £100m+ West Ham reveal
West Ham are fighting for their Premier League survival following a challenging first half of the season.
West Ham were beaten 3-0 by Wolves on Saturday (3 January), leaving Nuno Espirito Santo’s side four points from safety in the relegation zone.
However, West Ham’s financial situation could be just as concerning as their on-field performances after a new update has emerged.
West Ham insider Sean Whetstone reported on 30 December the Hammers will soon publish their accounts for last season, showing losses of more than £100million.
That is a completely different picture to the east London club’s latest published accounts for 2023-24, where they posted a £57m profit.
Why West Ham have been one of the Premier League’s ‘best-run clubs’
Former Man City financial adviser Stefan Borson exclusively told Football Insider he’s “sceptical” about whether the Hammers really did lose £100m in 2024-25.
West Ham posted a club-record revenue in 2023-24 after their turnover surged from £236.7m in 2022-23 to £269.8m.
Speaking exclusively to Football Insider, Borson said: “West Ham have been one of the best-run clubs around. That’s the starting point. They’ve been very cautiously managed over the years.
“It’s always been noticeable that they’ve managed to keep the cost base really in line. It has got a little bit out of control over the last few years. With a £100m loss, it’s quite hard to know what that means.
“It won’t be EBITDA because that’s before player amortisation and they’ve historically done about £50m at that level. The £100m then could only mean an operating loss after player amortisation and depreciation.
“Their player amortisation is about £90m, so that would therefore infer that they’re going to have an EBITDA loss of about £10m. It seems unlikely to me, to be honest.”
How much revenue did West Ham generate last season?
Borson revealed West Ham’s revenue is likely to be around £250m despite the suggestion they have recorded a heavy loss.
“We’ll have to see what those numbers look like, but it’s very hard to see that they’ve lost significantly on match receipts,” said Borson.
“The broadcast number will be presumably sort of £150m, so they’ve probably got match receipts of £50m, broadcast of £150m, that’s £200m. Commercial is probably about £50m, so it’s £250m.
“It’s not obvious to me how they’ve managed to lose £100m, so I’d just be a bit sceptical about that report.”
Meanwhile, West Ham are in line to lose more than £60m in revenue if they are relegated from the Premier League this season.
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