Source: Daily_Mail
West Ham chief David Sullivan reveals: I'm struggling to keep club afloat as debts hit £100m
West Ham co-owner David Sullivan has admitted he is struggling to keep the Hammers in business as the club's debts have spiraled to £100million.[LNB]Sullivan, who bought the club along with David Gold earlier this year, has made the stark revelation with West Ham rock bottom of the Premier League after a terrible start to the season.[LNB]He said candidly: 'We have £50m of bank loans and £50m of other debts - it is the most difficult task keeping the club afloat.'[LNB] Up against it: West Ham co-owner David Sullivan[LNB]Sullivan also claims he has been working 18 hour days to try and ease the club's financial difficulties, and despite offering Scott Parker a new contract worth £70,000 he insists the wages cannot be sustained.[LNB]Sullivan told the News of the World: 'We have brought in eight new players to balance Avram Grant's squad, as well as hanging on to our star names.[LNB]'We missed out on a number of targets, mainly due to the impossible demands of players, clubs or agents.[LNB]'This was a big factor in why I have been working 16-18 hour days for the last three months.[LNB]'On my eight day family holiday I was talking to players and agents non-stop. So much so that my family were hardly talking to me at the end. My sons were in tears of frustration with me being on the phone rather than spending time with them.[LNB]The Hammers have been trading at an annual loss of £30m a year for the past four seasons, with the Londoners still paying the price of the Eggert Magnusson era. [LNB] Tough start: Michael Essien celebrates scoring for Chelsea as West Ham go down to another defeat on Saturday [LNB]Sullivan added: 'With the help of our bankers we will keep the club afloat, but please realise it will take years to take West Ham where we want them to be.[LNB]'Every day we are being hit with enormous bills run up by the previous regime.[LNB]'For example an agent says he is owed £50,000 for arranging a pre-season friendly against Napoli last year on a match that lost the club £70,000.[LNB]'The appearance money against Oxford was £45,000 plus £9,000 in win bonuses.[LNB]'Our cut of the gate was £65,000, so we ended up making £11,000. No-one can blame the players for accepting over-generous contracts the previous regime offered them.'[LNB]West Ham are still looking for their first point in the Premier League this season, with Saturday's defeat against Chelsea leaving them at the bottom of the table.[LNB] England must stop 'prostituting' themselves to foreign managers! West Ham chief David Gold wants the rules changedHappy Hammer: Parker signs new deal to stay at Upton Park until 2014WEST HAM UNITED FC
