The headline loss in West Ham United’s latest accounts didn’t shock many. After all, [Claret & Hugh](https://www.claretandhugh.info/category/news/) had been reporting a projected £100m deficit for months.
But knowing it was coming didn’t soften the blow of the fine detail.
The £21m interest payments were alarming enough — yet one particular figure seems to have angered supporters more than any other: vice-chair Karren Brady’s pay increase to £1.472m.
This came in a year when club revenue fell, with ticketing, television and retail income all down.
So the obvious question is: why the pay rise?
Timing Raises Even More Questions
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Yesterday’s grim financial reading perhaps explains why the hierarchy delayed publishing the accounts for as long as possible.
They knew it was bad news.
There was no way to bury figures that would eventually become public — but there was clearly an attempt to postpone the inevitable fallout.
Under different circumstances, perhaps with the club sitting comfortably in mid-table, the accounts may not have attracted the same level of scrutiny.
But with ownership already under pressure and the very real threat of relegation looming, the numbers carry far greater weight.
Supporters are understandably asking serious questions of the board — particularly [David Sullivan](https://www.claretandhugh.info/david-sullivan-bio/) — about financial management and long-term planning.
And with further grim news expected in the coming weeks, there’s a growing sense that things could get worse before they get better.