Following the publication of West Ham’s latest accounts at Companies House, questions have resurfaced about Vanessa Gold’s ability to participate in any future rights issue, something that may become essential if the club needs to plug growing debts, especially in the event of relegation.
Yet in an unexpected twist, Ann Summers, Gold’s primary business filed its 2025 accounts in December, revealing a company that has stabilised after a turbulent period. Profitability has improved, costs have been tightened, and shareholder support remains strong. The retailer reported £93.4m in turnover and £58.5m in gross profit, with a notable swing back to a small £0.1m adjusted EBITDA (Earnings before Interest,Tax, Depreciation and Amortisation) profit, compared with a £5.6m loss the year before. This turnaround reflects significant operational efficiencies.
Relegation from the Premier League would be catastrophic for West Ham United and its shareholders
The business does however still rely on shareholder funding. Its loan facility has been extended to £19.95m, repayable in 2027. But the improved financial footing suggests that, despite Rothschild actively marketing her 25.1% stake in West Ham, Gold is now in a stronger position to control the timing and terms of any sale.
West Ham’s last rights issue came in 2020, when the board raised £30m to stabilise finances during COVID. All major shareholders at the time, David Sullivan, David Gold, Tripp Smith, Karren Brady, the Harris family and Terry Brown participated. A year later, in November 2021, Daniel Křetínský invested £180m–£200m for a 27% stake, though his option to increase that holding has since lapsed.
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Another subplot is the potential £55m investment from Monarch Collective for a 49% stake in West Ham Women’s team. Despite reports late last year, no official confirmation has been issued.
There are also mechanisms in place should the club be relegated. Remarkably the club’s rent at the London Stadium would fall by 50%, dropping to around £1m per year, while players and Nuno Espírito Santo’s wages would fall by the same proportion.
Yet the talk of a ‘liquidity shortfall’ this summer shows relegation will be disastrous.
Supporters with long memories will recall that West Ham were £110m in debt when Gold and Sullivan took over in 2010, equivalent to £170m–£180m today after inflation.
The latest Reports and Accounts show one of the heaviest financial losses in the Premier League and the combination of short term loans, overdrafts and external financing is more aggressive than a number of peers. The news will only fuel more anti-board feelings amongst supporters, with further protests planned by fan groups.
Despite promises of sustainability, it reinforces there has been limited – if any – financial progress over those sixteen years, even after selling the Boleyn Ground, securing one of the cheapest stadium deals in world football, and receiving over £100m for Declan Rice.