Hammers announce 'remarkable' profits

West Ham chairman Terry Brown has announced the club made an astonishing pre-tax profit of £11.8m (€17m) for the year ending May 31, 2004.

The Hammers were thought to be on the brink of administration following relegation from the Premiership in 2002 and the subsequent player exodus from Upton Park which saw them narrowly miss out on promotion via the play-offs last season.

The sales of Glen Johnson and Joe Cole to Chelsea staved off the immediate threat of administration and the further transfers of the likes of Fredi Kanoute, Trevor Sinclair, Jermain Defoe, David James and most recently Michael Carrick brought in £24.8m (€35.7m), while manager Alan Pardew has spent just £5.1m (€7.3m) on replacements.

The club’s net bank borrowings has also fallen substantially, from £44.1m (€63.5m) in 2003 to £33m (€47.5m) this year.

Brown, who was the subject of a fans’ campaign to remove him as chairman at the beginning of last season, said in his annual statement: “Following the devastating financial effects of relegation the results are little short of extraordinary. A remarkable achievement under the circumstances and I would like to thank all our staff who have made this financial progress possible.

“I understand, of course, that in footballing terms the club has fallen a long way in a short time and I realise how disappointing this is for supporters but our situation can change quickly.

“When that happens and we return to the Premier League we will be in better financial shape than when we left, with greatly reduced debts.”

The Hammers currently lie fourth in the Championship table, six points behind leaders Wigan.