In accounts published by the club today, it has been revealed that West Ham co-owners David Gold and David Sullivan have put nearly £40m of their own money into the club since June 2011- and took a huge gamble on the club gaining promotion back to the Premeir League at the first time of asking after relegation in 2011.
The Irons' annual turnover fell by £34.4m after finishing bottom of the Premier League the season before last, the accounts reveal, and Gold and Sullivan loaned the club a total of £32.2m during that season- with another £3m being loaned by the end of last November. Most of the revenue lost following relegation came as a direct result of a loss of television money and sponsorship money from the Premier League, and at the year ending 31 May 2012, which saw West Ham win promotion back to the top flight at the first time of asking, the club recorded an annual loss of £25.5m.
The figures highlight firstly the importance of the Hammers retaining Premier League status, with the club set to earn £15m-20m from the new £5.5bn Premier League television which will come into place next season (supposing we stay up); but it also highlights the importance of the owners to the club. David Gold and David Sullivan bought this club with their own money; they've put their money where their mouth is as far as spending goes and have backed in the transfer market all three managers who have been at the helm during their time at the club; and have done much to clear the substantial debt which they inherited after buying the club in January 2010- believed to be in the region of £90m.
Gold this afternoon revealed to Sports Direct News that he and Sullivan are "pouring our lives' savings" into the club.
"People look at the Sunday Times Rich List and see us right up there but they have to understand that the cash is all tied up in our businesses. This is our club, the club we grew up with and have loved all our lives. This football club means the world to us; it's a privilege to be an owner and we will continue to put our own money in."
The vice-chairman Karren Brady today confirmed that the overall debt owed to third parties has now been reduced to £10m; a remarkable achievement.Although this does not include the money loaned by the owners to the club, this is still testimony to the two men's commitment to West Ham United. In a game dominated by money and with more clubs in the red than in the black, having owners who put their own money into the club and who have massively cut our debt is surely something to be thankful for.
By Alex Shilling, News Editor
@alexshilling
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