West Ham have announced turnover for last season ending 31st May 2023 of £236.7m down £16m from the previous season’s record club turnover of £252.7m.
Final League position was the main factor in a dip in revenue. Europa Conference League final prize money was received after 31st May so will feature in this season’s account published this time next year.
The Hammers finished 14th, 7 places down on the previous season’s seventh place and had 21 games televise don UK TV, 2 less than the previous season.
West Ham made a record-breaking investment of £183.9m in the men’s playing squad in the summer of 2022 which caused player transfer amortisation to grow to £65.3m which led to a net loss before tax of £18.3m.
Ticket revenue was just £300,000 lower at £41m thanks to our European run at home.
Commercial revenue/sponsorship grew slightly (£400,000) to £35.1m while retail/club store slightly fell to £12.91m.
TV income was the biggest drop in revenue terms to £147.58m from £163.3m the previous season causing a drop of £15.72m after the Hammers finished lower in the league costing the Hammers over £2m per place.
Overall wages were slightly up to £136.8M up £1m from £135.7m the previous season.
West Ham Vice Chairman’s Karren Brady annual pay packets dropped from £2.24m to £1.37m last season mostly due to a bonus she received the previous season 2022.
West Ham posted operating costs £190.6m on revenue of £236.6m leaving an operating profit of £48.4m, transfer payments of £65.3m wiped that out causing the loss of £18m.
West Ham paid a second instalment to the London Stadium owners of £3.94m as part of a windfall tax caused by Daniel Kretinsky buying into the club.
No interest was paid to any directors and no loans are owed to any directors.
West Ham paid off their £55m loan to MSD Holdings owned by Michael Dell and opened a £40m overdraft with Barclays Bank. A final interest charge of £945,322 was also paid on 7 August 2023 to MSD.
West Ham have revealed the transfer of player registrations completed subsequent to 31 May 2023 last summer amounted to a net £4,678,000 (inclusive of player related agent fees) payable by the Group over the long and short-term A further net £12,629,000 may become payable contingent on certain future events.
The club paid a delayed player loan fee of £430,828 on 7 June 2023 to Spartak Moscow in respect of Alex Kral. Interest of £21,144 was also paid. This payment had previously been forbidden due to the sanctions imposed after Russia’s illegal invasion of Ukraine, but was settled following a change of ownership at the club and an instruction received from FIFA.
At £236.6m West Ham are allowed a UEFA FFP allowance of 80% for wages, transfers and agent fees for next season. This translates to a £189.28m budget. With overall wages at £136.8m and transfer and agent fees at £65.3m the Hammers have notionally exceeded this at £202m. West Ham can exclude nonplaying and coach staff wages plus virtue spending on infrastructure, community projects, the Academy, women’s football and training facilities bringing back just within the FFP budget allowed by UEFA.
By Sean Whetstone of Six Foot Two
