Pyrrhic Victory Outcry As Hammers Cash In On Diangana

Without the possibility of selling season tickets at the full rate as opposed to the '30% option' that most fans have elected to take, the powers that be at West Ham United have come up with a 'cunning plan' to make up the difference, so cunning that it defies a 'normal' person's logic but never the less is 'totally' practicable. The 'normal' need to 'flog' season tickets with future 'aspirational' or potential marquee signings has been somewhat obviated due to the Covid-19 pandemic, so in a way the co-owners have been let of the hook, no one in their right mind thought that there would be investment any where near the levels of when the 'Pelligrinophile' was in charge.

To make up for the loss of revenue from season ticket sales and from match day catering and club shop sales, the club needed to find around £20 Million, then there is the loss of revenue from the Broadcasters as they sought a rebate for 'live games' that couldn't be shown live! The need for additional future 'adapted' finances was obvious since the beginning of April, and it was assumed that the club had taken the necessary precautions to avoid financial meltdown. Two factors now come in to play, as we have mentioned in previous articles FFP is not in contention for the coming season, so clubs are at liberty to spend 'beyond their means' to help them through what has been and will continue to be a set of unique circumstances.

So with FFP no longer an obstacle, why are the Hammers co-owners strangling any attempt that their 'incumbent' manager David Moyes may have of picking up players, even those from the 'bargain basement' provided by clubs even less fortunate? It is well known that West Ham United, along with several other Barclays Premier League teams, take a 'payday loan' annually against future TV revenues, and although such loans are now not acceptable when factored in to 'current' accounting, they can still be taken as long as they are paid up within a 12 month time frame.

West Ham's hierarchy and their accountants will have set their various fiscal limits prior to the Covid situatuion, and as such were victims to the crisis, unfortunately the timing could not have been worse as the club was reeling from the effects of trying the 'luxurious option' in the form of Manuel Pellegrini, his scatter shot approach to signings almost made those of the two Davids' seem logical! Teams that are essentially 'state owned' like Manchester City and other 'elite clubs' with massive financial backing, will be able to 'ride the wave' and look forward to prospering, with the distinct possibility of 'acquiring talent' at pernicious rates.

Neither David Sullivan nor David Gold, nor even 'Tripp' Smith are particularly wealthy by Football owners standard's, in fact they are relative paupers when it comes to Barclays Premier League clubs, and their 'minor wealth' is tied up in long term investments and as such they do not have the financial liquidity needed in the short term in order to keep things afloat. David Sullivan's wealth is based on a large property portfolio, much of which is 'prime' office and reatail space based in the West End and City of London.

Now faced with a massive drop in income, Sullivan is not currently able to 'bale the club out' as he has done in the past, albeit with loans that made him a decent profit. The 'panic' costly sales of Roberto, Hugill and to some extent that of Ajeti go to show just how bad things really are. The culmination of the 'fiscal issue' is the sale of Grady Diangana, the stark choice the board had, and we in no way sanction their eventual action as we believe they are mistaken, was to sell at least one of the club's home grown jewels.

This course of action was deemed necessary because the club has been unable to shift ANY of it's 'luxury' players at anywhere near a half decent price, there has been the odd loan offer for them, but the only players of interest to other clubs are the ones the club simply cannot afford to release. So it was going to be either, Grady Diangana, Issa Diop, Pablo Fornals or Declan Rice who was going to be the 'sacrificial lamb', fans well aware of how the co-owners have been known to behave in the past, particularly when they owned Birmingham City FC, will be fearful that it won't only be Diangana to exit the London Stadium.

Diangana's departure is a shameful and damning indightment of previous failures at the club, failures that are coming back to bite with a vengeance, the club is broke, the only honourable thing to do would be for the owners to sell up, they would still make a 'killing' even in today's depressed market, because either they make a killing or they might just 'kill off' a once proud and great club. -Ed