Kieran Maguire: West Ham may have landed ‘£2.5m payout’ as legal proceedings begin
West Ham may have received a £2.5million insurance payout during the pandemic – but they feel they are entitled to more.
That is the view of finance guru Kieran Maguire, speaking exclusively to Football Insider about the latest developments behind the scenes at the London Stadium.
Per CityAM on Tuesday (17 May) the Irons have launched a multi-party lawsuit against six major insurers.
The likes of Liverpool, Arsenal and Aston Villa are also understood to be involved in the claim.
The case was raised in response to a landmark £4.4m payout received by restaurant chain Corbin & King after a battle at the UK Supreme Court.
The Hammers have not provided an estimation of how much the pandemic cost them, but they did post a £26.9m loss for the 2020-21 financial year.
And Maguire claims that they may well have banked just a fraction of that figure from insurers.
“If you’re going to offer business protection services, you have to provide protection in exceptional circumstances,” he told Football Insider’s Adam Williams.
“The fact of the matter is that we have had a pandemic and that is within that remit. I can understand why West Ham have felt they need to go down this route.
“It appears that £2.5m is the standard payout, but clubs are now arguing that this new ruling is a new precedent.”
The Hammers’ turnover for 2020-21 stood at £192.7m after a year of no fans in the London Stadium.
Czech co-owner Daniel Kretinsky has the option to complete a full takeover of the club in 2023.
In other news, West Ham open talks to sign Emmanuel Dennis after London meeting.