Following the sale of Chelsea’s women’s team between BlueCo and a sister company for £198.7m, allowing the Blues to register a pre-tax profit of £128.4m in 2023-24, several other [Premier League](https://www.claretandhugh.info/four-premier-league-clubs-in-hunt-for-hammer/) clubs began eyeing this manoeuvre as a possible route to comply with Profit and Sustainability Rules (PSR).
Interestingly, Chelsea’s most recent financial statements show the women’s team generated just over £11.5m revenue in 2023-24.
Meanwhile average attendances in the Women’s Super League (WSL) among the big clubs fell between 2023-24 and 2024-25. Aston Villa and Manchester United saw a 33% attendance drop.
A report by Deloitte Football Money league suggests the average WSL club pulled in around £5.4m. Aggregate revenue for all twelve clubs was £65m, up 34% from the previous season, with forecasts suggesting it could rise to £100m by the 2025/26 season.
Football financial expert, Stefan Borson recently told Talk Sport that he believes any valuation is about what a women’s team may be worth in the future, “_If it’s all about the future value of a top football club franchise in the women’s game that applies to almost any Premier League club regardless of their current size.”_
In 2018-19, David Sullivan’s youngest son, Jack Sullivan took a central role in the BBC Three documentary called “Britains Youngest Football Boss” which followed the journey of West Ham United’s women’s team. The series proved popular pulling in around 1.3 million viewers per episode.
Baroness Karen Brady was appointed to the board in February 2023 alongside Tara Warren and Nicola Keye, strengthening the leadership around the women’s team. Collectively the three directors have been focussing on sponsorship, television rights, commercial partnerships, and merchandise strategies.
The West Ham 23/24 accounts assert: “_West Ham United’s women’s team maintained their Super League status, and with a newly constituted Board of Directors in place and under the management of Rehanne Skinner, will look to continue to progress.”_
Notably, West Ham United Women Football Club Limited qualified for an exemption from an audit of its individual accounts by virtue of section 479A of the Companies Act 2006. This may indicate that the Board could transfer ownership of the Women’s team to other group entities at “Fair Value”.
At a recent Premier League meeting the topic was discussed and a proposal was put forward to shut this down, yet it did not even make it to vote because it lacked sufficient support among the 20 top flight clubs. Some clubs felt as Chelsea had benefitted, they should also be allowed to take advantage of it.
However, when C&H put the question to a senior source at West Ham, it appeared the club had considered the option yet ultimately dismissed it, saying: “_We don’t think this works”_ The same source had previously told C&H _“You can only go onto sell what is seen as a real price, not an inflated price”_
A more obvious route for West Ham to address PSR concerns has already been raised in previous articles on C&H, and that is a cash injection by the Board, to the tune of £90m. This is reaffirmed in the Report and Accounts _“The Group is likely to require further funding within the next twelve months, either from third parties, or from shareholders_”, with anticipated wage savings and transfer income from player disposals helping to bridge the gap.
West Ham are clearly navigating a grey area where ambition, regulation and financial necessity collide. One thing is clear the business of football is evolving rapidly, and the line between innovation and exploitation has never been thinner.