Latest accounts

[Niblets]

WH Holding Ltd has today announced its financial results for the year ending 31 May 2025.The Club reports a net loss before tax of £104.2m, an adverse movement from the profit of £57.2m in 2023/24.

This loss was caused by our significantly lower profit on player sales and higher amortisation, our lower Premier League position, and not competing in Europe.Turnover was £227.6m, down £42.1m against last year, driven by no European income, our lower PL position and fewer live broadcast games.

The Club continues to comply with Financial Fair Play (FFP) rules, including PSR, and expects to do so in the future as the new Squad Cost Ratio (SCR) rules are introduced in the forthcoming years.

Click here to view West Ham United's 2024/25 financial results.

In short, we are absolutely fucked if we go down.

[eusebiovic]

Here's the thing about Kretinsky. 

He waits until the asset is on its knees, then he swoops. He is not going to put in a penny more until he has control, dilution for Sullivan.

Think about it: why is Sullivan borrowing from these external groups at a high interest, when Kretinsky could EASILY offer a shareholder loan? Because Kretinsky thinks Sullivan is a buffoon.

He is waiting for Sullivan to come begging, then he has the power to exert control. 

Kretinsky whole game is about using time to gain leverage, like a python slowly squeezing its victim. 


 

I have often found myself pondering whether this is the Kretinsky plan all along but it's taking so long to come to fruition that it's only natural to suspect other motives.

For what it's worth I think he got lumbered with investing in West Ham via one of his employees looking to diversify his portfolio of interests.

I don't think for one nanosecond he would have come anywhere near the club if he knew how toxic and fucked up the ownership really were. 

So perhaps he is playing the long game but I'm not holding my breath.

[camel-with-3-humps]

Here's the thing about Kretinsky. 

He waits until the asset is on its knees, then he swoops. He is not going to put in a penny more until he has control, dilution for Sullivan.

Think about it: why is Sullivan borrowing from these external groups at a high interest, when Kretinsky could EASILY offer a shareholder loan? Because Kretinsky thinks Sullivan is a buffoon.

He is waiting for Sullivan to come begging, then he has the power to exert control. 

Kretinsky whole game is about using time to gain leverage, like a python slowly squeezing its victim. 

 

[XKhammer]

The accounts point to a difficult financial period requiring austerity, potential asset (player) sales, and a need to improve performance to raise revenue. While not immediately leading to bankruptcy, the financial stability relies on avoiding relegation, which would make the situation considerably worse. 

[Takashi Miike]

just over a year ago, Tits McGhee did a self serving interview on a sky show called 'The Boardroom' co-hosted by Sullivan's mini me. strangely enough, the video is no longer available to the public

[GBHammer63]

Anybody still think that Brady and Sullivan should just step aside? 

Someone should erect some stocks on Theydon Bios green so anyone can lob buckets of piss at the rancid pair.

[Pshyco scored all 4]

We  supposedly paid £100m  off  the debts last summer . Or at least the supporters were told that was the reason for having no Net spend then . Been saying it for years .  like countless others that sullivans Ego comes before the good of the football club every Single time .  It's over for the Dwarf and Brady knows that Better than anyone which is why she's leaving. 

[RBshorty]

Kretinski has made his fortune from “Distressed Assets.” The last thing he ‘s doing is baling out Sullivan. 

Remeber. “When the money gets tight. The shit gets real.!”

PRIMED FOR THE DROP

COYI.

[Fauxstralian]

The owners Sullivan & Kretinsky are billionaires 
Both should take up additional shares , let’s say £250m each to put the club back on an even keel
The problems are down to their utter incompetence 
Put the cash in and then sell up 
Neither could run a whelk stall let alone a modern football club

[Mike Oxsaw]

Have I understood this correctly - even if we survive there could be a fire sale to balance the books? If so, survival is delaying the inevitable. 

That seems to ne the underlying belief at the moment.

Whether we survive or we drop, we'll still have to sell off our most valuable assets - and probably get bent over and dry-fucked while doing so.

Our accounts are beyond fucked up for the business we're in, and only one person is responsible for that state of affairs.

[Pub Bigot]

Have I understood this correctly - even if we survive there could be a fire sale to balance the books? If so, survival is delaying the inevitable. 

[Mike Oxsaw]

I'm finding it really difficult to understand how somebody with a degree (a DEGREE) in economics didn't see this unfolding before his very eyes and take preventive action at least, say, 6 months ago.

Was nobody reporting the financials to the board?

[Sarge]

West Ham are brassic
Brady must go
West Ham are brassic
Brady must goooooooo
Brady must goooooooo
 

[Mad Dog]

We need Daniel to take over. He'd stabilise the club.

Sorry, hes been getting away with this too long.  He's absolutely complicit

[Sir Alf]

1970s based business model being used by Sullivan and  Brady. No professionals or experienced people at the helm, no plan etc.  As suggested by someone in my family, meeting up at petrol stations on the M1 with a brown envelope to conclude deals with agents in a haphazard, “make it up as you go” approach and stopped being a viable way to do business decades ago.

The ponzi scheme has collapsed. A club that borrows just to keep the business running on a day to day basis is a failed company in most  privately owned industries.  Its a reflection of its owner a narcissist who by definition believes it is everyone else’s fault and that he is the victim.  Well he has well and truly failed and doomed us to years in the football wilderness imo.  Spurs and Forest will get enough points, we cannot rely on them.  

Sullivan, his crowning glory.  15 years to wreck a football club and send it into oblivion

[XKhammer]

not sure what you're talking about, maybe your memory is fucked. gavros, and a few others originally wanted the move, most on here didn't. anyone that knew any birmingham fans, were aware of how bad the cunts were going to be and they haven't let us down. I've hated, bar the biscuit baron, every owner we've ever had so your amnesia isn't doing you any favours. we used to get that propagandist Ex on here spinning shit for them (may have been back on recently), who'd get told to fuck off. at the moment bar the fans, and tv money, we have zero going for us. I know how far it goes back, regarding transfer mismanagement, but that's done. why didn't anyone ask why two pretty average players cost £50m in january? pablo, on that transfermarket site is valued at £5m. skullduggery on steroids

Steroids????
You know that can involve an injection and we all know how much you hate them you horrible hermit 

[camel-with-3-humps]

We need Daniel to take over. He'd stabilise the club.

[Westside]

“Lower profit from player sales”

If your busy model relies on selling an academy product for £100m+ every season, you’re not fit for purpose.

I work with public market companies. This sort of announcement would undoubtedly lead to a change in CEO and shareholders wanting proper answers. 

Unfortunately, we effectively have the shareholders running the company for themselves. So they don't have to answer to anybody.

[Mad Dog]

West ham in "run with neolithic incompetence" shock

[Ron Eff]

“Lower profit from player sales”

If your busy model relies on selling an academy product for £100m+ every season, you’re not fit for purpose.

I work with public market companies. This sort of announcement would undoubtedly lead to a change in CEO and shareholders wanting proper answers. 

[Maverick180180]

Are we in more debt than any of the clubs that have recently developed their own grounds?
Anyone know?

[Takashi Miike]

hahaha, fucking memory deficiency cսnt. not fixated on anything, just pointing out £20m has potentially gone missing again, but yes, keep burying that thick empty head of yours in the sand

[Vexed]

not sure what you're talking about, maybe your memory is fucked. gavros, and a few others originally wanted the move, most on here didn't. anyone that knew any birmingham fans, were aware of how bad the cunts were going to be and they haven't let us down. I've hated, bar the biscuit baron, every owner we've ever had so your amnesia isn't doing you any favours. we used to get that propagandist Ex on here spinning shit for them (may have been back on recently), who'd get told to fuck off. at the moment bar the fans, and tv money, we have zero going for us. I know how far it goes back, regarding transfer mismanagement, but that's done. why didn't anyone ask why two pretty average players cost £50m in january? pablo, on that transfermarket site is valued at £5m. skullduggery on steroids

Only an absolute moron (tick) would focus on two panic buys as the problem. I reckon my dog has a better understanding than you, ya fuckin crybaby dunce. 

[Sir Alf]

Sullivan has killed the club and got broken the spirit of the supporters that would have properly protested. And many oldschool supporters now pegged it or stopped going.  

Absolute disasterous 15 years and its about to get a whole lot worse. 

[Takashi Miike]

not sure what you're talking about, maybe your memory is fucked. gavros, and a few others originally wanted the move, most on here didn't. anyone that knew any birmingham fans, were aware of how bad the cunts were going to be and they haven't let us down. I've hated, bar the biscuit baron, every owner we've ever had so your amnesia isn't doing you any favours. we used to get that propagandist Ex on here spinning shit for them (may have been back on recently), who'd get told to fuck off. at the moment bar the fans, and tv money, we have zero going for us. I know how far it goes back, regarding transfer mismanagement, but that's done. why didn't anyone ask why two pretty average players cost £50m in january? pablo, on that transfermarket site is valued at £5m. skullduggery on steroids

[Vexed]

Firstly I'm not convinced this is quite as bad as many of the panic stricken bellends on here are stating, its not very good at all but nobody should be surprised at this. I'd wait for the commentary from people well versed in football finances before soaking my slacks, not youtubers or dickheads like you lot. 

Selling players was inevitable upon getting relegated, again why are we surprised at this 'news'? If we stay up by some minor miracle then we have enough assets to be able to keep a couple of gooduns but even so, we're a shit team, how good are they in reality? Fuck em. 

Takashi numbnut ranting about Kilman, Taty and Pablo - these signings are not the problem, in fact Taty and Pablo have been very positive - the damage was done in the Pellegrini and Moyes eras with signings like Anderson, Haller, Vlasic, Scamacca, Benrahma, JWP and undoubtedly tens of others. Short term self centred managers, thinking about today and not tomorrow and getting it wrong - and the hopeless daft cunts running the club allowing them to do it. We aint even seeing the impact of the disastrous Kilman signing yet. That cսnt is a millstone around our necks that will hang around like the bad AIDS. But we're yet to fully enjoy the consequences of that one. 

I'm up for a few years in the championship, bin off the mercenaries, get the youth in. Fuck the accounts, fuck the board and fuck all your fucking mothers. 

who's panicking? the club was dead/on life support the minute the 4ft freak walked through the door, and who cares about maintaining 17th to 10th every year under these crooked cunts? if it brought us closer to a new start and people in charge, bring on the drop. that they only took over in the first place  to get hold of the land where the stadium lies, and the current london mayor never signing over the land to anyone any time soon, we're pretty much in limbo for the foreseeable future. I know all about the fucking players you listed, why do you think I disliked moyes so much and his depreciation of expensive signings, but that's history and I'm talking about us having to believe that they're laying out the sums quoted for substandard players. none of it makes any sense, but football has long been out of control so the money keeps flowing to the right people

Well you definitely are panicking following the accounts. I don't agree that we were fucked the moment they turned up, you certainly didn't say this at the time and nor did hardly anyone else.
Arguably we have come closer to regularly competing at a higher level under these morons only for them to fuck it up with a lack of signing here, a terrible managerial appointment there or a botched player negotiation. 
The frustrating thing is that we have had opportunities to kick on but this lot are incapable of identifying them and/or executing a plan to capitalise. These opportunities were almost certainly not carefully laid plans and occurred despite their ineptitude in recruitment and as time goes on the penalty for fucking these up increases and their suitability to run a club in today's game has fallen off a cliff. We have 1990s owners in 2026. Let's hope they die soon or something. 
But player recruitment in the last season or two aint the cause of this mess. It goes back way further than that.