Last week Nigel Kahn and I joined the Irons United Youtube show to explain the club’s finance and show where the money has gone.

The two-hour video can be seen below but the highlights of the main figures are below and the presentation can be downloaded from HERE

An Audio Podcast of the show can be found HERE-

2019 income £190.7m (Source: Companies house)

Ticket revenue £27m of which season ticket revenue is £23.5m

Commercial activities which include Corporate Hospitality (Club London and Sponsorship deals such as Betway and Umbro) = £27.5m Hospitality estimated to be £12m

TV income of £127.5m paid in instalments throughout the season

Retail/Club store £8.7m

Other Income £2m

Total Income £192.7m

Deloitte Football Rich List 2020 with West Ham listed 18th in the world is turn-over only

Total expenditure 2019 £229m

Club Operations £172m Transfers £57m

Wages £136m

Stadium Rent £3m

Depreciation of assets £2m

Interest £4m

Unspecified expenditure £27m Marketing, Rates etc

Amortisation of transfers £57m


Media rights and funding £75m facility July 2019

Three drawdowns of £10m, £16m and £13m made last summer Total £39m due for repayment in the summer of 2020

1% interest on the credit facility and 7% of funds borrowed.

Interest estimated to be £3.48m to Michael Tabor funded company

In 2013 As part of a refinancing deal David Sullivan loaned the club £6.7m as a bank of last resort charging interest. This loan was repaid over three years to David Sullivan with
the final payment made on 31st May 2016.

Tripp Smith £9.5m interest-free loan. Only repayable on sale of the club

Shareholder loans

Gold and Sullivan invested a total of £52.2m in shareholder loans to the club between 2011-2014. No additional shareholder loans have been made in the last four years. (2014=£3.5m 2013=£10.5m 2012=£35.2m 2011=£3m )

In July 2016 a company owned by David Gold and Icelandic CB Holding were paid £14.7m in settlement of loans

In August 2016 Gold and Sullivan were repaid £4.2m of their Shareholder loans plus a further £2.2m in interest

A further £10m of interest accrued at 6% was paid back to Gold and Sullivan on 18th August 2017.

The interest on the remaining balance has reduced from 7% to 4% in 2017.

On 29th August 2018 a further £4.6m of interest at 4% was paid back to the owners.

On 28th August 2019, a further £2.9m of interest at 4.25% was paid back to the owners.

On 28th August 2018 a company owned by David Gold was paid back £1m of loan capital.

Total Interest £19.7m plus another £7.2m of loan capital repaid

2010 debt £125m +

In 2010 West Ham had £110m of debts made up of £55.5m owed to banks £40m owed to other clubs and £20m owed to Sheffield United.

The 2009 accounts were the first to be released under Gold & Sullivan ownership showed £10m owed to a major shareholder

Advance on season ticket sales were £7.7m the first year and £7.25m the second year. The SBOBET sponsorship was believed to be worth £1.2m per year much of which was advanced also.

2019 debt £145m+

£45m owed to Gold and Sullivan

£9.5m owed to Tripp Smith

Transfers payments £87m

Short term bank loan of £39m excluded as paid off each year


West Ham had a net spend of £214.4m on new players over the last four years since move to London Stadium. Source: West Ham accounts and £285m net since 2010.

2015/2016 £42m

2016/2017 £33.6m

2017/2018 £12.1m

2018/2019 £89.5m

2019/2020 £35.7m

Source: Companies House

Agent fees

In 2019/2020 £13,167,647 in agent fees

In 2018/2019 £14,414,845 in agent fees

In 2017/2018 £8,387,694 in agent fees

In 2016/2017 £9,486,397 in agent fees

In 2015/2016  £2,691,331 in agent fees

In 2014/2015 £7,049,001.18 in agent fees

In 2013/2014 £6,380,339 in agent fees

In 2012/2013 £4,169,134 in agent fees

In 2010/2011  £4,436,992 in agent fees

In 2009/2010  £3,419,089  in agent fees

In 2008/2009  £5,527,548 in agent fees

Grand total: £79,130,017.18

Brady pay and bonuses

When David Sullivan and David Gold took over West Ham in 2010 they revealed they were paying Karren Brady out of their own pockets for the first six months.

The West Ham 2011 accounts show the Hammers Vice Chairman was paid £256,000 by the club for the first time.
That package increased to £427,000 in 2012 and then hiked up to a massive £1.634m in 2013 of which £1m was a bonus paid over 5 years for winning the bid to move to the London Stadium.

In 2014 her basic rose by just £2,000 to £636,000 rising by a further £10,000 to £646,000 in 2015.

2016 saw another bid rise to £907,000 before a slight decrease in 2017 to £868,000.

2018 was another bumper year with a base salary of £898,000 plus a consultant fee of £438,000 paid to a company controlled by Brady for introducing Tripp Smith as an investor making her annual total £1.336m.

In the accounts released in 2020 for 2019 her pay is seen to rise from £898,000 to £1.136m, a rise of 27% on last year.

£7.85m over eight years

She took a 30% pay cut during COVID lockdown along with David Moyes and CFO Andy Mollet

Happy to answer any financial questions on this thread