According to a report by West Ham United insiders Claret & Hugh, the club are expected to announce a ‘substantial loss’ for the financial year that ended May 31, 2020 – with their revenue reports needing to be published within weeks.
As explained by Claret & Hugh, GSB and the club are required to publicly release their accounts and file them on Companies House online portal – which will apparently reveal the ‘first impact of the pandemic’ in a financial blow.
West Ham look set to announce ‘substantial loss’
Indeed, the club insiders share that the latest financial year exacts a heavy toll due to coronavirus and the government lockdowns – with losses for last season estimated to be around £40 million.
These figures are ‘a lot worse’ than the previous season, with the Hammers missing out out on £27 million by comparison over the 2019 financial year.
It is thought the club will hold back the announcement and publication of 2020’s reports to ‘as late as possible‘ – but it is unclear exactly why with the deadline for release imminent.
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In a further blow to GSB and co, Claret & Hugh share that 2021’s revenue losses are on course to be even greater than last year – with those results set to be published in 2022 and are forecasted at around £50m so far.
The impact of coronavirus has put many clubs in the same boat as lack of match attendance dampens a crucial avenue of income across football.
As this news emerges, it appears West Ham have also been severely impacted.
In other news: Hammers react as this star could be sold, find out more here.
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