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.
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Latest accounts
Re: Latest accounts
To answer/address various points people have made and questions they've asked:-
Of the interest charge of £22 million, £15 million is a notional charge implied on outstanding transfer fees. It is a "book" entry and money doesn't actually leave the club. Only less than £2.4 million of interest payable, actually left the building. Although we didn't receive £4 million of transfer fees as we "sold" them to get the money in early, which is included in the interest payable of £22 million. Our actual borrowings are very low, using transfer fees payable as a source of finance, rather than bank loans. Of our creditors due in one year of £204 million, about £75 million of these will roll over and be replaced, just normal trading creditors, as well as the £14 million we won't be sending to Russia, anytime soon. We haven't breached PSR rules, but these (or Squad Cost Ratio rules in the future) will hamper the ability of the owners to inject cash, should they wish to do so. Our poor transfer policy is catching up with us. The charge for the year on the amortisation of players contracts was £99 million, up £16 million on the previous year, but we did actually make a profit of £20 million on the players we sold.
Overall, the accounts are not good news. Relegation will be a disaster financially, but you probably don't need me to tell you that.
Of the interest charge of £22 million, £15 million is a notional charge implied on outstanding transfer fees. It is a "book" entry and money doesn't actually leave the club. Only less than £2.4 million of interest payable, actually left the building. Although we didn't receive £4 million of transfer fees as we "sold" them to get the money in early, which is included in the interest payable of £22 million. Our actual borrowings are very low, using transfer fees payable as a source of finance, rather than bank loans. Of our creditors due in one year of £204 million, about £75 million of these will roll over and be replaced, just normal trading creditors, as well as the £14 million we won't be sending to Russia, anytime soon. We haven't breached PSR rules, but these (or Squad Cost Ratio rules in the future) will hamper the ability of the owners to inject cash, should they wish to do so. Our poor transfer policy is catching up with us. The charge for the year on the amortisation of players contracts was £99 million, up £16 million on the previous year, but we did actually make a profit of £20 million on the players we sold.
Overall, the accounts are not good news. Relegation will be a disaster financially, but you probably don't need me to tell you that.
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Tomshardware
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Re: Latest accounts
So the club will need to sell our best players this summer regardless of whether we stay up or not.
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stubbo-admin
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Re: Latest accounts
All the talk when they joined was about paying down the debt. They then creamed loan payment off the Clubs at a comparably high interest rate for years.
And now we're in debt to....shock.....over 100m. Paying 20m per year in loan debt interest....at a level that is the same as when they arrived (with only inflation to look to for the amount having come down).
Absolute financial charlatans. Sold out home. Rented a dump. Sold a home grown kid of 100m. And somehow we're at the release of these accounts worse than when they arrived!
Resignation is too good for Brady, and frankly the Reaper will be too good for Sullivan.
There are plenty of bad owners/executives...but this lot are in there with the worst of them.
And now we're in debt to....shock.....over 100m. Paying 20m per year in loan debt interest....at a level that is the same as when they arrived (with only inflation to look to for the amount having come down).
Absolute financial charlatans. Sold out home. Rented a dump. Sold a home grown kid of 100m. And somehow we're at the release of these accounts worse than when they arrived!
Resignation is too good for Brady, and frankly the Reaper will be too good for Sullivan.
There are plenty of bad owners/executives...but this lot are in there with the worst of them.
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Massive Attack
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Re: Latest accounts
ATHammer wrote: ↑27 Feb 2026, 17:41 World Class Team in a World Class Stadium now in a World Class Financial Mess due to the ineptitude of this board.
Buried in the weeds of all this
"The Club has also undertaken a gender pay gap audit and the results show that the real pay gap is currently 3.23% in favour of Women and for the ninth consecutive year running is lower than the national pay gap (excluding men’s first team players, management and coaching staff)."
I wonder to what extent this gender equality is affected by the payments to part time director, Karren Brady?
It also begs the question as to what KPI's are in place to ensure merit driven salaries (irrespective of race, colour, creed, religion or gender) as opposed to playing to the gallery.
Not a misogynistic comment but I question any value added by Brady and any cost or cash impact that person has.
Don't let Faux catch you. 
Re: Latest accounts
Im no accountant but I think the accounts say there are creditors of 204 million due within 12 months ffs.I hope no-one was expecting us to buy any players this Summer.
If the Board dont put 100 million in relegation is nailed on next season.Run like a circus.
If the Board dont put 100 million in relegation is nailed on next season.Run like a circus.
Re: Latest accounts
World Class Team in a World Class Stadium now in a World Class Financial Mess due to the ineptitude of this board.
Buried in the weeds of all this
"The Club has also undertaken a gender pay gap audit and the results show that the real pay gap is currently 3.23% in favour of Women and for the ninth consecutive year running is lower than the national pay gap (excluding men’s first team players, management and coaching staff)."
I wonder to what extent this gender equality is affected by the payments to part time director, Karren Brady?
It also begs the question as to what KPI's are in place to ensure merit driven salaries (irrespective of race, colour, creed, religion or gender) as opposed to playing to the gallery.
Not a misogynistic comment but I question any value added by Brady and any cost or cash impact that person has.
Buried in the weeds of all this
"The Club has also undertaken a gender pay gap audit and the results show that the real pay gap is currently 3.23% in favour of Women and for the ninth consecutive year running is lower than the national pay gap (excluding men’s first team players, management and coaching staff)."
I wonder to what extent this gender equality is affected by the payments to part time director, Karren Brady?
It also begs the question as to what KPI's are in place to ensure merit driven salaries (irrespective of race, colour, creed, religion or gender) as opposed to playing to the gallery.
Not a misogynistic comment but I question any value added by Brady and any cost or cash impact that person has.
Re: Latest accounts
Just had quick butchers
in short - Yep - agree.
EverythIng hocked to which ever loons will lend us anything.
the 14m unpaid because of Russian sanctions is helping more than you'd expect at a "top 20 club in the world"
Relegation is a 'severe but plausible scenario'
in short - Yep - agree.
EverythIng hocked to which ever loons will lend us anything.
the 14m unpaid because of Russian sanctions is helping more than you'd expect at a "top 20 club in the world"
Relegation is a 'severe but plausible scenario'