West Ham's new stadium made little difference to profits
PUBLISHED: 16:30 07 March 2018
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Hammers vice-chairman admits profits would have been similar if the club had stayed at Upton Park
West Ham United would have made a similar profit last year had they remained at Upton Park according to the club’s annual report this week.
Vice-chairman Karren Brady made the admission in her report on the club’s finances, which also revealed that the sale of their old ground only gleaned a profit of £8.7million.
There were plenty of plusses to come out of the annual report as it was revealed that the club generated their highest income in history for the fourth successive year.
They had 52,000 season tickets renewed, ticket sales were up by 6.3 per cent, retail up by 2 per cent and the community and sponsorship departments increased revenue by some 35.7 per cent.
There was also a profit of £28.4m on player sales, with Dimitri Payet’s return to Marseille yielding much of that.
Overall, the club made a profit before tax of £48.5m, but Brady did mention a little caveat to that.
“It is worth noting that the club would have made a similar profit had it remained at the old stadium,” she said.
“The majority of the profit for the year has been generated from the new broadcast agreement and by profit on player sales.”
That will certainly not please those fans who wanted to stay at Upton Park and who are currently at loggerheads with the board.
The small amount of profit gleaned from the sale of Upton Park is explained by the costs of moving to the new stadium.
Brady is certainly full of praise for The London stadium as she states in her report.
“It is already apparent that our new home is one of the greatest arenas in world football and a platform to transform the future of our great club,” she insisted.
“We have been very focused on delivering a ground that looks and feels like the home ground of West Ham United. We invested a significant amount of money, running into millions of pounds, in the external wrap, the digital screen and branding inside and outside the stadium.
“The hospitality areas, which are significantly bigger than at the Boleyn Stadium, are completely sold out for the next three years with a substantial waiting list.”
Again, some fans may question those sorts of statements, but it is hard to argue that the club has become a bigger one off the field, if not on it this season.
They have the potential to compete with the big boys in the future on these sorts of figures with the only codicil on that progress being the horrific prospect of relegation from the Premier League and the financial implications of that.