Could we have been in Rangers, Port Vale and Portsmouth’s position?

Recently Rangers FC, Port Vale FC and Portsmouth FC have gone into administration and as a result they have been deducted ten points. They have gone into administration because of the huge debts they had. They are now in danger of going into liquidation and the fans are the ones that will suffer the most. A couple of years ago West Ham United were in a bad state and run badly by the owners. They could have possibly gone into administration if David Gold and David Sullivan did not buy the club.

The fastest growing Hammers website is now on Facebook, click the link to be entered into our up and coming competitions http://www.facebook.com/pages/ForeverWestHamcom/200938616608282

When an Icelandic Consortium bought West Ham in 2006 they set their targets high of reaching the Champions League within five years and moving away from Upton Park. In order to achieve these targets the new owners set out to spend heavy. They

bought players like Lucas Neil, Freddie Ljungberg, Mathew Upson and Kieron Dyer and gave them 4 or 5 year contracts. They paid excessive fees for these players and offered them high wages. Eggert Magnusson gave Alan Curbishley a free bank cheque to purchase who ever he wanted.

Curbishley bought players that were simply not worth what he was paying. They offered players like Dyer, who has a well known reputation of being an injury prone player a five year contract worth at least £70,000 a week. Most of these players had

no interest in playing for the club and just wanted the high wages the club were willing to pay. With no decent cup runs, no European qualification and mid table finishes, the club was simply not making enough profit. This put the club into huge debt and they were forced to sell a few players. The club were rumoured to have paid off Ljungberg so that he can terminate his four year contract with them. The Icelandic owners put the club up for sale but no one wanted to purchase the club with its huge debts. The future of the club did not look good and quite possibly could have gone into administration.

 

Looking for experience? Just want to be heard outside of the Boleyn? We are currently looking for writers, drop us an email at foreverwestham@snack-media.com for more details

Thank god that did not happen because life long West Ham fans David Gold and David Sullivan bought the club they love so much. Sullivan revealed that if they did not become owners West Ham United would have gone into administration because the Icelandic Bank’s could not afford to run the club. DG and DS also revealed that the club was in debt of £110 million and they will balance the books after the crazy wages the Icelandic owners paid that brought the club to its knees. For many of the West Ham fans the takeover was a relief because quite simply the club could have

folded if the two did not become owners of the club.

Since their takeover in 2010 Sullivan and Gola, alongside Karen Brady have decreased the debt and the club is run properly with people that care about the club. The club no longer offer silly wages to players and do not pay excessive fees for players.

They have also planned to relocate to the newly built Olympic Stadium. The West Ham fans quite simply are grateful to the trio for putting the club in a stable condition. The club could quite simply been in the same situation as Rangers, Port Vale and Portsmouth had they decided to stay away from West Ham. I hope we West Ham fans never experience what Rangers, Port Vale and Portsmouth fans are going through right now with their troubled clubs. For now The West Ham fans can worry less about the financial situation surrounding the club.

Apply now for the dream job – Read about West Ham and YOU get PAID http://bit.ly/ffc-foreverwestham