Shocking Findings In West Ham's Accounts
By Tom Dowsett
Thursday 03 Sep 2009 15:49:00
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A report in today's Guardian has revealed the shocking extent of West Ham United's losses during the time Bjorgolfur Gudmundsson was Chairman at Upton Park.

The newspaper has obtained accounts from the club that show a loss in excess of £37.4 million at the end of the year 2008.

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One of the main reasons for such a high loss was believed to be three high profile signings brought to the club by then manager Alan Curbishley.Between them, Freddie Ljungberg, Kieron Dyer and Craig Bellamy cost over £20 million, and made only thirty-six appearances in their first season at the club. Dyer and Ljungberg suffered from longer term injury difficulties - Ljungberg's turned out to be so bad that the club bought him out of his contract, after only one year, at a cost of £6 million.

There are other pressures off the pitch that have contributed to the financial situation at the club. The collapse of former sponsor XL is said to have cost the club £4 million, and the dispute with Sheffield United over the Carlos Tevez affair will cost £21 million in future liabilities, paid in four equal installments annually until 2013.



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