A top confidant of West Ham chief David Sullivan has busted a new myth circulating about money available for transfers this summer transfer window.
West Ham co-owners David Sullivan and Daniel Kretinsky are seriously rich men.
So minted in fact they are officially two of the 150 richest people in the country.
Kretinsky owns 27 per cent of West Ham but is very much one of the wealthiest club owners in the Premier League.
With a net worth of just under £8bn – although including assets it is closer to £13bn – Kretinsky and Sullivan together are worth a combined £10bn.
Hammers duo Sullivan and Kretinsky both rose in the latest Sunday Times Rich List released last month.
Just 10 days ago West Ham were named in the top 20 clubs in Europe by enterprise value.
The Hammers have recently enjoyed three seasons in Europe for the first time in the club’s 130-year history.
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Are West Ham’s PSR claims a red herring?
West Ham won a first major trophy for 43 years a couple of summers ago.
That same summer they also made their record ever sale, banking a 100 per cent profit on a £105m deal with Arsenal for academy product Declan Rice.
West Ham pay just £4.5m per season to rent the London Stadium – which is run by LLDC – saving millions on associated costs.
And, despite a dismal 18 months on the pitch, the Hammers remain aboard the Premier League gravy train.
So it is understandable that fans – and several experts – are questioning West Ham’s insistence that they have no money.
The Hammers board continue to state they are at their limit in terms of spending due to PSR.
Photo by Marc Atkins/Getty Images
Photo by Marc Atkins/Getty Images
West Ham have been in the top six spenders in the Premier League since Kretinsky’s arrival in November 2021.
That included a £155m splurge last summer.
The problem is that money was so poorly spent West Ham need yet another overhaul this summer.
But while the board are insisting there is no money to spend until sales are made, manager Graham Potter is telling fans it’s going to be an ‘exciting and interesting’ window.
That window has been open for 10 days and West Ham fans have been told ad nauseum there will be no arrivals until players depart.
Now a top confidant of Sullivan has shattered a big West Ham PSR myth amid transfer anger.
One look at social media gives a glimpse of resentment between Hammers fans and the board that is bubbling back to the surface about the stance over transfers.
Many supporters are so furious they want the club sold to new owners.
Sullivan ally shatters West Ham PSR myth amid transfer anger
Their mood has not been helped by prominent transfer journalist David Ornstein calling West Ham’s bluff about PSR.
He suggested the club are feeding fans something of a red herring over finances.
Ornstein stated he’s not aware of any reason PSR would be an issue for the Irons and that he expected the club to be busy this summer.
Football finance expert Kieran Maguire then also cast doubt on the situation being as bad as the board are projecting.
Maguire described West Ham’s PSR claims as ‘odd’ when speaking exclusively to Hammers News.
The Athletic then released a graph last week showing West Ham very much in the green over PSR.
It has fed belief in some circles that the club are trying to use a ‘smoke and mirrors’ approach to the window so as not to be held to ransom over transfer fees.
Photo by Henry Browne/Getty Images
Photo by Henry Browne/Getty Images
Why West Ham have no money to spend
Now Sean Whetstone has taken to social media to address that graph and set the record straight over the club’s financial situation.
Whetstone is close with Sullivan and vice-chair Karren Brady. He is also an educated mind when it comes to finance.
And he has busted the new myth doing the rounds that West Ham do not have PSR issues.
It makes for hard reading for West Ham fans and the owners.
So much so there is bound to be fresh calls for the club to be sold as soon as possible.
“The Athletic’s recent Profit and Sustainability Rules (PSR) calculations for West Ham don’t appear to add up,” Whetstone said on X.
“The difficulty in producing an accurate and meaningful PSR table lies in the fact it requires a lot of guesswork – no Premier League club has yet announced their full accounts for last season. West Ham’s financial year-end closed just ten days ago, and the official figures won’t be published until December.
“Most other Premier League clubs are in a similar position. What we do know is this: West Ham made a profit of £57m two seasons ago, and a loss of £18m three seasons ago—leaving an overall profit of £39m across those two years.
“The tricky bit is estimating the loss from last season and forecasting the loss for the coming season. The Athletic’s article on the matter estimates that West Ham can lose up to £95m last season. However, our senior club sources suggest the actual loss figure was closer to £85m. Using The Athletic’s maximum numbers, West Ham could have posted a £56m loss over the three-year PSR cycle.
“By our figures, it’s closer to a £46m loss over the same period. Either way, clubs are only permitted to lose £15m over three years unless shareholders inject more cash. In West Ham’s case, the last shareholder cash injection came in 2021, which is now outside the current three-year window and no longer counts. If cash had been injected, West Ham would be allowed losses of up to £105m over three years.
‘Cash flow is a major challenge’
“That would, in theory, give them an extra £59m of allowable losses and not the £95m quotes in the table. But without any fresh shareholder cash injections, that option is off the table. To make matters more complicated, West Ham are forecasting another loss of around £85m for the current season. That means the club needs to take a long-term view – not just spending this summer, but making sure next year doesn’t lead to a breach.
“There’s also the shadow of the incoming Squad Cost Rules (SCR) to consider. These will limit spending on transfers, wages, and agents’ fees to 85% of club income. These new rules will run alongside PSR regulations.
“The absence of European football last season hit West Ham’s revenue hard. Prize money, ticket sales, retail income, and sponsorship have all taken a hit – resulting in a four-year low for club revenue. The real reason West Ham are in this financial bind is years of transfer overspending under multiple managers, which has led to a record amortisation figure of around £100m and the largest wage bill in the club’s history.
“Most of that investment has been lost, with players sold for a fraction of what they were originally bought for. But amortisation and wages aren’t the only issues. Cash flow is also a major challenge. While we are still paying for players signed over the last three to four years, the club sold off all future incoming transfer instalments owed by other clubs to a bank last summer—just to release some ready cash. On top of that, West Ham continue to borrow money from Barclays each summer to keep the operation moving.”
The Athletic’s recent Profit and Sustainability Rules (PSR) calculations for West Ham don’t appear to add up.
The difficulty in producing an accurate and meaningful PSR table lies in the fact it requires a lot of guesswork—no Premier League club has yet announced their full… pic.twitter.com/YmaqYRflLY
— West Ham Football (@westhamfootball) June 9, 2025
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That makes grim reading for anyone connected with West Ham.
It will undoubtedly put the spotlight back on Sullivan and Kretinsky and whether they have the ambition to really push the club on.