West Ham need new ownership and fast because the current board are unwilling to bail the club out after posting club record £104m losses with another big deficit on the horizon in the next accounts.
With relegation a real threat, West Ham are in danger of falling off the Premier League gravy train at the worst possible time too.
Nuno Espirito Santo and his Hammers are doing their bit right now to ensure that doesn’t happen.
But the West Ham board are not willing to do their bit to address their failings, which saw huge losses posted in the club’s delayed accounts at the end of last month.
New owners ‘the only option’ after West Ham failings, says expert
Hammers fans have been protesting all season to force majority owner David Sullivan, second biggest stakeholder Daniel Kretinsky and the likes of vice-chair Karren Brady out of the club.
Now a top football finance and governance expert has told West Ham they need new owners and fast after the failings which have left the club staring at a financial black hole.
How do you feel NOW about a full Daniel Kretinsky takeover? 💰
Sullivan out at all costs? Or has the Czech ship sailed?
Czech businessman Daniel Kretinsky gives a speech during the 13th "Rencontres de l'Udecam" on September 5, 2019, in Paris.
Photo credit should read THOMAS SAMSON/AFP via Getty Images
Because it is a black hole the current ownership seem unwilling to plug.
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Football finance expert Paul Quinn has told The i Paper that West Ham have been ‘run terribly’ by Sullivan, Brady and the board.
He pointed to the fact West Ham have borrowed tens of millions of pounds from Rights Media Funding down the years, loans which carry high rates of interest alone for the Hammers costing up to £11m a year.
West Ham majority owner David Sullivan and vice-chair Karren Brady in the director's box during the defeat to Crystal Palace
Photo by Richard Pelham/Getty Images
And he warns there could be dire consequences unless the famous east London club are taken over by new owners who are willing to put their hands in their pockets.
“There’s no doubt that in recent years the club has been terribly run and poor commercial and footballing decisions have been made…” Quinn said.
“They spend that money (borrowed from RMF) on wages, transfers and running costs. The shortfall can only be made up by selling assets (players), the owner putting more money into the club, or in the absence of either by borrowing from non-traditional lenders…
“If I was a West Ham fan I would be asking why are shareholders incapable of or unwilling to fund the losses caused by the poor business and football decisions they have made. If they are not willing to fund the losses or find an executive team to turn the club around, the only option is to sell to owners who can.”
Would you take relegation if it meant that David Sullivan would leave?! 🤔
Not a nice position to be in – but what would YOU choose if you had to?
David Sullivan takes in a West Ham match from the directors' box
Photo by Tom Dulat/Getty Images
Quinn added that West Ham’s predicament should be ‘hugely concerning’ to all football supporters given how much money being generated in the game is then leaving it to pay for loans because clubs are spending more than they earn.
And he says West Ham and others who use loan facilities like RMF clearly don’t have owners who are prepared – or able – to fund the losses themselves.
The problem is a full West Ham takeover has not been on the cards despite incessant speculation over the last three years and the increased tensions between fans and the owners.
Czech businessman Daniel Kretinsky poses during a photo session on January 22, 2020, in Paris.
Photo by JOEL SAGET/AFP via Getty Images
Kretinsky was named a ‘likely buyer’ of West Ham in something of a takeover twist this week.
The Czech billionaire has a 27 per cent share in the Hammers but has previously played down full ownership.
However, that was at a time when he ‘did not think a full takeover was not on the table’ back in 2024.
The situation has clearly changed since then and with a £13bn net worth, Kretinsky would have the finances to address West Ham’s failings in the way Quinn has suggested, should he want to.
The Gold family’s 25 per cent stake in West Ham remains for sale over two years since it was made available to potential investors.
And the closest West Ham have come to a takeover during Sullivan’s 16-year reign has been a genuine offer from Red Bull back in 2020.
In an official club statement six years ago, Sullivan confirmed he rejected a £650m bid from Red Bull for West Ham.
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