Hammers in profit

West Ham made an operating profit of £2.9m (€4.2m) last season despite being relegated from the Barclaycard Premiership.

Chairman Terence Brown confirmed in a statement the club recorded a profit before player trading and after interest for the first time in four years over the year ending May 2003.

But the revelation will fuel the frustration of Hammers supporters who have long called for Brown to resign.

Record season-ticket sales, average attendances of 34,200 at Upton Park and a profitable hospitality wing of the business boosted revenue in the period – but West Ham’s bank debts rose by £11.4m (€16.5m) to £44.1m (€64m).

The Hammers went down with the highest points total of any club relegated from the Premiership, after an appalling start to the season during which they failed to win at home until January.

They then released 10 out-of-contract players but were also forced to sell prize assets Joe Cole, Glen Johnson, Frederic Kanoute and Trevor Sinclair – much to the anger of fans.

Brown claims such drastic squad-cutting was essential for the club’s survival - and while he apologised for “testing the patience” of fans, he insists the Hammers are now in a stable financial position.

His statement read: “The club clearly suffered a major setback when relegated. But swift attention to our finances, magnificent backing from our supporters and a realistic approach from our banks has ensured the setback did not turn into something far worse.

“To have season-ticket sales of close to 18,000 and average gates in excess of 30,000 for matches in the Nationwide League speaks volumes for the club and its supporters.

“I said in my letter to season-ticket holders that ‘if we sadly lose our fight for Premiership survival then the battle for our club ……. Will begin …..’

“I believe that battle has been won. The second part of my sentence suggested that ‘….. We will all need to work towards a speedy return to the Premiership’.

“I cannot pretend this task will be an easy one – but with our support, an ambitious new manager, some of the best players in the Nationwide League, properly structured finances and the next batch of youngsters waiting impatiently to emerge from ‘The Academy’ we have every chance of succeeding.”