25million debt paid off by 2013
WEST Ham vice-chairman Karren Brady has promised the club will have a bright future after working out a plan for clearing its debts.
The Hammers hierarchy of joint owners David Sullivan and David Gold inherited £50 million of debts from the previous administration when they bought the club in January.
Writing in Saturday’s programme, Brady said that figure will be halved by 2013 by which time the business will sustain an annual turnover of £80 million.
She added the club had paid back £20 million in bank debt, cut costs by £6 million and increased income by £2 million.
“We have invested in the team both on and off the pitch and this has paid dividends in a very short space of time,” she said.
“Off the pitch the team that lacked strategy and focus now benefits from a commercial and customer focused culture which will in turn benefit everyone associated with the club.
“The reality is this is a club on the up once again and everyone knows their role to ensure this continues.”
The club’s continued financial problems have been hitting the headlines again in recent months, with reports that the owners were struggling to deal with the £50 million long-term debts to the banks and Sheffield United, a debt left hanging over from the Carlos Tevez affair.
Brady said she had spoken out now to set the record straight and dismiss some of the rumours surrounding the club’s finances.