WHUFC.com
New signing Manuel Da Costa is looking forward to making his bow in English
football
02.09.2009
Manuel Da Costa cannot wait to experience the passion of English football
after completing his move to West Ham United. The French-born former
Portugal Under-21 defender is eager to make his mark after arriving on a
three-year contract from Italian Serie A club ACF Fiorentina. He is set to
have the No22 shirt and could be in the squad against Wigan Athletic on
Saturday week as the Football Association have confirmed they have requested
international transfer clearance. Despite being aged just 23, Da Costa has
already amassed a wealth of experience, appearing in the UEFA Champions
League quarter-finals and winning the Dutch Eredivisie title with PSV
Eindhoven, as well as earning more than 20 U21 caps for his country. The
powerfully-built defender played against both Liverpool and Arsenal during
PSV's run to the last-eight of Europe's premier cup competition in 2006/07,
and Da Costa is looking forward to playing in packed Barclays Premier League
stadiums again on a more regular basis.
"I remember when playing against Liverpool, firstly, that they were a very
good team. However, the thing that stuck out was that the atmosphere was
great. I liked the English passion for football - the crowd and the
supporters are very, very important and I like that. I relish the pressure
created by the passion from the supporters when they want us to do well. I
thrive on that and like to have that kind of atmosphere. "Playing against
Liverpool was one of the highlights of my career because playing in England
is always a great experience."
Da Costa, who also appeared for Portugal at the 2007 UEFA European U21
Championship finals, revealed that West Ham's desire to bring him to London,
as well as a chance meeting with Hammers right-back Julien Faubert, had been
the major factors behind his move. "I spoke with Gianluca Nani and
Gianfranco Zola and they both told me they wanted me to come over and to
give me a chance to have a fresh start. They told me they had confidence in
my ability, which made me feel good, so I was very happy to join West Ham.
"I also had the chance to meet with Julien Faubert when we were both in
France recovering from injury and we spoke a lot about West Ham and playing
in England. Julien is a good guy and we got to know each other quite well. I
am looking forward to living and playing in London myself now."
Describing himself as 'a strong defender who is also good in the air', Da
Costa has was also called into the senior Portugal squad for the 2008 UEFA
European Championship qualifiers against Azerbaijan, Poland, Kazakhstan,
Belgium and Serbia, but has yet to make his full debut. Portugal are
battling to qualify for next summer's FIFA World Cup in South Africa, but
the Hammers' new signing insisted he is focused on his club, rather than
country, for now. "For me the most important thing is not the national team,
although it obviously remains the ambition of every player to represent
their country at the World Cup. I have not played a lot recently, so the
first thing I want to do is to establish myself within the squad and within
the team. "I want to convince Gianfranco and his coaching staff that I am a
player that they can rely on, then I hope that everything else will take
care of itself."
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Mixed start for Dyer
WHUFC.com
Reserve-team manager Alex Dyer was in philosophical mood after going down to
defeat by Aston Villa
02.09.2009
Reserve-team manager Alex Dyer was in philosophical mood after watching his
side open the 2009/10 season with a 2-1 loss at Aston Villa. Goals from
Nathan Delfouneso and Gary Gardner condemned West Ham United, who scored
through a James Collins own-goal, to defeat by the defending Barclays
Premier Reserve League South champions at Villa Park.
Hammers boss Dyer particularly found positives in the performances of
youngsters Jordan Brown and Eoin Wearen, along with goalkeeper Peter Kurucz.
"I was pleased with certain aspects of the performance, but I thought the
goals we gave away were quite sloppy. There were some good parts to it, when
we got the ball down and played it worked quite well. "It was a physical
game and a good place to come. It was always going to be difficult, as they
have won the league two years in a row. I came here with a very decent side
that competed well, but lacked that cutting edge."
While left-back Brown's mistake allowed Villa winger Marc Albrighton to
set-up Delfouneso's fourth-minute opener, Dyer was impressed with the
17-year-old's ability to put the error to the back of his mind. Republic of
Ireland Under-17 midfielder Wearen, 16, who appeared as a first-half
substitute after Andrea Zola suffered a facial injury, also demonstrated his
potential with a strong display. "There were some promising performances out
there. The young lad Jordan Brown did very well after starting a bit nervy.
The first goal was down to him a little bit, but after that he settled down
and showed good character and showed why he is at this football club. He
bounced back after his initial mistake and worked hard and showed some good
quality. "I was forced to make a change early on when young Zola had to come
off, and young Eoin came on and played very well. He looked like he could
start up to that regularly and he is only 16, so that was very good. They
were two good plusses. "Peter made some very good saves too, so overall,
there were some good points. It was our first game and we need to sharpen up
on a few things. I came away thinking we'd done a few good things, but we've
got to do better."
While Frank Nouble, Zavon Hines and Anthony Edgar all worked hard, Dyer
believes his frontmen need to be more careful in possession of the ball in
future fixtures. "We worked it well up to the final third but could not
retain the ball. We came forward and it bounced back and put our defence and
midfield under pressure. We obviously need to work on that and on the
front-three retaining the ball in good areas. "When we get the ball in and
around the box, we need to get the ball into the forward's feet and retain
it and get shots off and set people up. We didn't that enough against Aston
Villa."
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Losing start for Purdy
WHUFC.com
Danny Purdy's Republic of Ireland U17s lost out to Russia at the Syrenka Cup
in Poland
02.09.2009
West Ham United Academy forward Danny Purdy was part of the Republic of
Ireland Under-17 team that went down to a 2-1 defeat by Russia on Tuesday.
The 16-year-old, who joined the Hammers from Dublin-based Crumlin United in
the summer, played a full 80 minutes in Ireland's opening Syrenka Cup Group
B fixture in the Polish town of Zgierz. Ireland fell behind after just two
minutes before hitting back through Queens Park Rangers' Frankie Sutherland
on 13 minutes. Russia went ahead again two minutes into the second half
before Purdy came within inches of scoring a later equaliser, only to see
his curling shot tipped round the post by goalkeeper Isupov. Ireland,
managed by Sean McCaffrey, will take on Sweden in their second group fixture
in Lodz on Wednesday before meeting either Bulgaira, Denmark, Ukraine or
Denmark in their final match on Friday.
The Irish will commence their UEFA European U17 Championship qualifying
campaign with Group 6 matches against Bulgaria, Latvia and Sweden in
Bulgaria at the end of September.
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Three lions in line
WHUFC.com
West Ham United will be proudly represented by Robert Green, Matthew Upson
and Carlton Cole on England duty
02.09.2009
Robert Green, Matthew Upson and Carlton Cole were training again with
England on Wednesday all with a realistic chance of lining up in the vital
FIFA World Cup qualifier against Croatia next week. The trio have been
regulars under Fabio Capello of late and will want to impress in a friendly
at home against Slovenia this Saturday before the all-important qualifier
against the Croatians. Should England win that Group Six encounter they will
be certain of a place at the finals in South Africa next summer. Green,
Upson and Cole first figured on the pitch together for England back in
February in the second half of a 2-0 defeat by Spain in Seville. That was
the first time the club had seen three Hammers in action for the country at
the same time since 7 September 2002 when David James, Trevor Sinclair and
Joe Cole figured in a 1-1 draw with Portugal.
The 29-year-old Green has started the last three internationals in the
absence of David James and has five caps to his name. His form has been
tremendous at the start of the new club season, with clean sheets in the
away win and draw at Wolverhampton Wanderers and Blackburn Rovers
respectively. Upson, 30, is the most experienced of the trio. He has 15 caps
and one goal for his country, and could get the nod to replace the injured
Rio Ferdinand. The club captain at West Ham will hope to partner John Terry
Up front, the 25-year-old Cole has retained his place after his excellent
substitute's cameo in the last friendly - a 2-2 draw in the Netherlands on
12 August. That was his third international cap although he is yet to find
the net. He is up and running for West Ham though, with a superb strike
against Tottenham Hotspur last month in front of the watching Capello.
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Youngsters start U21 road
WHUFC.com
Another U21 Euro qualifying campaign is approaching with three homegrown
Hammers in the frame
02.09.2009
James Tomkins, Junior Stanislas and Freddie Sears are working hard with
England ahead of the opening match of the 2011 UEFA European Under-21
Championship qualifying campaign on Friday. The trio, who all featured in
the goalless friendly draw against the Netherlands last month, will all
travel to Prilep as the Young Lions begin their Group 9 qualifiers against
FYR Macedonia before heading to Athens to take on Greece four days later.
Former Hammers defender Stuart Pearce will manage the U21s once again and is
looking to instill team spirit in his new crop of youngsters. "We need to
have the camaraderie and the team cohesion working," he said. "There's one
or two who have come into the group this time and it's a new environment for
them. "It'll be the highest level that they play. Yes, some of them play for
their clubs, but others are yet to make it into their first teams, so it's
important that they gain enough experience as they can. They will also be
expected to get results while they are doing that."
Tomkins helped England to reach the 2009 UEFA Euro final and has four caps
to his name, while Stanislas and Sears, who is on loan at Crystal Palace,
earned their debuts in the Dutch draw in Groningen.
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Skint
KUMB.com
Filed: Thursday, 3rd September 2009
By: Staff Writer
West Ham's latest set of accounts have revealed that the club lost a massive
£37million in the year ending 2008. United CEO Scott Duxbury told KUMB.com
earlier in the summer that the forthcoming set of accounts would be a
disaster - but the extent of the clubs financial problems will surely
surprise even the most pessimistic of supporters.
Despite a steady string of player sales in the past 18 months - including
Bobby Zamora (£5.3m), Anton Ferdinand (£8m), George McCartney (£6m), Matthew
Etherington (£3m), Craig Bellamy (12m) and now Savio (£3m) and James Collins
(£5m) - the Hammers are still reported to be in serious financial trouble,
with the club's full liabilities said to total around £100million, according
to a report in today's Guardian.
Additionally it is reported that West Ham could have been forced into
administration earlier this year had the club's five bankers - who, The
Guardian claim, lent United some £20million to cover losses incurred during
2008 - not agreed to allow United extra time to repay further debts after
they breached debt covenents.
Financial Director Nick Igoe, who was also Financial Director throughout the
Gudmundsson/Magnusson reign said:
"The scale of operating losses and wages caused the group to breach certain
banking covenants in 2007-08. Although the group's banking syndicate [later]
waived these breaches, a business strategy which relies on the goodwill of
the group's bankers to waive covenant breaches is fundamentally flawed."
The Icelandics are reported to have allowed the club's wage bill to rise to
an astonishing £63million - just £18million shy of the club's turnover for
that year. That figure included a combined cost of around £20million for
just three players - Freddie Ljungberg, Craig Bellamy and Kieron Dyer - as
Eggert Magnusson went on a crazy spending spree that eventually cost him his
position at the club.
Igoe added: "Whilst creditable, the 10th place finish [in 2007/08] has to be
viewed in the context of a £21million increase in wages and a further
£15.7million net investment in transfer fees, following the £29.9million
investment in the previous season. Again ignoring exceptional expenses, the
group recorded a loss before player trading and after interest of £7.4m."
The sale of James Collins to Aston Villa on transfer deadline day was the
last straw for many fans who have now seen the club wave goodbye to more
than 25 players since the end of the 2007/08 season. Today's revelations
will add fuel to the fire of those suggesting that the popular defender was
sold to appease the club's bankers - which is something that the club's Non
Executive Chairman Andrew Bernhardt said would not happen just three months
ago.
So whilst many Hammers fans may have thought that the worst was over, it is
now becoming clear that further sales could be necessary in order to keep
the club afloat.
Long gone: the most notable departures since the end of the 2007/08 season
June 2008: Nobby Solano (free).
July 2008: John Paintsil (Fulham, £1m); Bobby Zamora (Fulham, £5.3m);
Richard Wright (free).
August 2008: Freddie Ljungberg (free); Anton Ferdinand (Sunderland, £8m);
George McCartney (£6m).
January 2009: Matthew Ettherington (Stoke, £3m); Craig Bellamy (Man CIty,
£12m); Hayden Mullins (Portsmouth, £1m).
June 2009: Diego Tristan (free); Walter Lopez (free); Lucas Neill (free);
Lee Bowyer (free); Kyel Reid (free); Tony Stokes (free); Jimmy Walker (free)
August 2009: Savio Nsereko (Fiorentina, £3m+player); James Collins (Aston
Villa, £5m).
Total sales since June 2008: £44.3million
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Cottee slams CB Holdings
KUMB.com
Filed: Wednesday, 2nd September 2009
By: Staff Writer
Former Hammer Tony Cottee has criticised West Ham United's owners for
failing to invest in the playing squad during the summer transfer window.
Cottee, who was previously part of a consortium interested in purchasing the
club before Bjorgolfur Gudmundsson and Eggert Magnusson arrived in London
blasted CB Holdings for their refusal to allow Gianfranco Zola to improve an
ever-thinning squad. "The biggest concern coming out of this transfer window
is that the off-field situation at the very top of the club needs to be
sorted out," he told the East London Advertiser. "There has been a trickle
of players out of Upton Park over the last 18 months and it's all been to
balance the books. "That just won't work in the long-term. If you own a
football club, you've got to invest in it. At the moment, there's no
investment at West Ham and that puts huge pressure on the likes of Scott
Duxbury and Gianfranco Zola. "I know that Scott and Gianfranco were
desperate to sign players, but unfortunately you need money to sign players
and without backing from the club's owners, what can they do? "They can
identify players and negotiate deals to sign them, but if the owners refuse
to release any funds, they're just as powerless as the rest of us. And you
can't have a situation where the manager and the chief executive are at
loggerheads with the owners."
Cottee also slammed United's current owners for attempting to run the club
like 'a bank' - and insisted that fears of relegation troubles, as a result
of CBH's insistence on not putting a single penny into the club, were very
real. "It's very easy to get sucked into a relegation battle, especially
this year because it's the most competitive Premier League for many, many
years," added the former Hammers and England striker. "There are six clubs
potentially involved in the scrap at the top and as many as 10 or 12 in the
scrap at the bottom and we can't be complacent and think we won't be
involved. What if we're involved at the wrong end of the table in January
and we're again told that there's no money available to strengthen the team?
How is the manager supposed to turn it around? "The only way to avoid going
backwards as a club is to invest, you need to spend or you'll stagnate. I'm
not asking for them to pump hundreds of millions into the club, but it's a
worrying sign when the likes of Hull, Sunderland and Stoke are outspending
us. "Part of the problem is that I can't even tell you who's making the
decisions about the club - is it Straumur, is it CB Holdings? Whoever it is,
it's a mess. The owners have got to realise that this is more than just a
business and you can not run West Ham like a bank or a commercial company."
Andrew Bernhardt, West Ham United's non-executive Chairman and the
spokesperson for CB Holdings insisted at the start of the transfer window
that 'asset-stripping' wasn't an option. "The wage bill has been reduced and
the settlement agreed with Sheffield United is budgeted for," he had said.
"I can assure fans that Gianfranco absolutely does not have to sell any
players for financial reasons and new players will be arriving in the summer
to augment what is already a strong playing staff."
Sadly, as Cottee points out, that doesn't appear to have been the case.
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MDC looks ahead
KUMB.com
Filed: Wednesday, 2nd September 2009
By: Staff Writer
West Ham United's newest recruit has been speaking about his hopes for this
season. Manuel Da Costa put pen to paper on a permanent switch from
Fiorentina to West Ham just 24 hours ahead of the closure of the summer
transfer window. The central defender - who was rated at around £2million in
the player-plus-cash deal that saw Savio Nsereko return to Italy - is not
expected to trouble Gianfranco Zola's first team immediately but hopes he
can do enough to convince his manager that he was a worthy capture.
"I spoke with Gianluca Nani and Gianfranco Zola and they both told me they
wanted me to come over and to give me a chance to have a fresh start," he
told whufc.com. "They told me they had confidence in my ability, which made
me feel good, so I was very happy to join West Ham. "I have not played a lot
recently, so the first thing I want to do is to establish myself within the
squad and within the team. I want to convince Gianfranco and his coaching
staff that I am a player that they can rely on, then I hope that everything
else will take care of itself. I am looking forward to living and playing in
London."
Da Costa - a player who appeared to have the world at his feet two years ago
having been linked with some of Europe's biggest clubs - experienced a
torrid time in Italy and barely featured for La Viola, for whom he signed in
January 2008, before spending the latter half of last season on loan at
Sampdoria. He made his name in Holland with PSV, for whom he featured before
the ill-fated move to Italy. Despite being a bit-part player during his
first season with the Boeren Da Costa went on to become an important member
of Ronald Koeman's first team and featured in a number of Champions League
ties during the 2006/07 season.
Manuel Da Costa: fact file
Full name: Manuel Marouan da Costa Trindade Senoussi
Age: 23
Height: 6'2"
Previous clubs: Nancy (2004-06); PSV Eindhoven (2006-08); Fiorentina
(2008-09); Sampdoria (2009, loan).
International caps: Portugal under-21s (22).
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Collins speaks out over Aston Villa move
KUMB.com
Filed: Wednesday, 2nd September 2009
By: Thomas Rooney
Let's be honest, it wasn't the greatest of transfer deadline days. Not for
Sky Sports – who I will speak about shortly – not for armchair football fans
and not for West Ham United.
One of the highest profile moves of the day was that of Hammers defender
James Collins to Premier League rivals Aston Villa, a move that is sure to
upset the Premier League odds. Martin O'Neil agreed a fee of around
£5million with the club on Tuesday morning and the deal was completed later
in the day. It is thought that Gianfranco Zola was relatively hesitant to
sell Collins – who has started each of West Ham's three Premier League games
so far – but he was left with little choice because of the club's uncertain
financial position. The sum of money Villa were willing to pay was seemingly
too much to turn down. This is frustrating to say the least, but if it eases
some financial concerns, then so be it. James Tomkins is a very talented
young player and he will have to step up. As for the reasons that Collins
decided to accept Aston Villa's offer, well he believes that he has 'taken a
step forward' in his career by making the move. Although he 'loved' his time
at Upton Park, he says that he is 'delighted' to be joining a 'massive club'
like Villa. The Welsh international revealed that he went to have a look
around the club on Monday and found it to be a 'fantastic setting'. Overall,
it seems fair to say that he is happy with the way things have panned out as
well. West Ham shouldn't be too down about it either actually, they have
received £5million – a sum they, admittedly, can't spend until January – and
they have a young defender in Tomkins who is raring to go.
Collins was a popular player and a solid defender, but he can be replaced.
In reality, he has to be if West Ham are to move forward this season. Time
to deal with what you have got Gianfranco. We'd rather Collins left than
Matthew Upson anyway wouldn't we? To finish with for today, I wanted to
mention Sky Sports' coverage of the transfer deadline day. In my view, it
was painful to watch. Everyone knew by about 4pm that it was probably going
to end up being a relatively quiet day without too many last ditch signings.
However, they insisted on their over-the-top coverage with constant
'updates' that simply told us what we already knew. The amount of times they
went to Villa Park for an update on Richard Dunne's transfer was ridiculous.
'Yep, still not quite gone through here…' Anyway, that's my mini rant over.
Here's to three points at Wigan after the international break.
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West Ham offered Jonathan Spector to Tottenham before window shut
Published 16:14 02/09/09 By John Cross
The Mirror
West Ham offered Jonathan Spector to Tottenham as a last-minute emergency
signing - just seven months after promising never to deal with their bitter
London rivals again.
Spurs boss Harry Redknapp wanted defensive cover after losing captain Ledley
King with a groin injury while Jonathan Woodgate is also out injured. That
prompted West Ham to offer 23-year-old versatile defender Spector with chief
executive Scott Duxbury under pressure to cut the hard-up club's wage bill.
But Duxbury had vowed never to deal with Spurs again after an ugly transfer
tug-of-war over Craig Bellamy who eventually joined Manchester City. Duxbury
was enraged with Redknapp at the time for going public on his admiration of
Bellamy and promised to take a firm stand. Duxbury said in January: "There
is massive rivalry between ourselves and Tottenham. I won't sell any of our
players to our local rivals." But hard-up Hammers appear to have changed
their tune as the pressure mounts on the club to cut their budget. They
agreed a £5m deal to sell James Collins but Matt Upson turned down an £8m
move to Fiorentina.
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Robert Green's patience likely to be rewarded
The Times
Oliver Kay, Chief Football Correspondent
Robert Green, the West Ham United goalkeeper, is expected to make his fourth
consecutive appearance for England against Slovenia on Saturday as Fabio
Capello gives him another opportunity to stake a claim for next year's World
Cup finals. Green has been self-deprecating in the past about his lack of
openings with the national team, even having the phrase "England's No6" sewn
into his gloves. But, with concerns growing about David James's prospects
for next summer's tournament in South Africa, Green is emerging ahead of Ben
Foster as the leading contender in Capello's mind. Foster, whose priority
is to make the most of an extended opportunity at Manchester United during
Edwin van der Sar's absence through injury, may win his third cap as a
substitute in the friendly match against Slovenia at Wembley. Green, though,
is expected to start that game and, more importantly, the World Cup
qualifying match at home to Croatia four days later.
In addition to the absence of James, with a knee injury, Capello has
concerns about several of his defenders. Rio Ferdinand is ruled out of the
squad with a calf problem and neither John Terry nor Wes Brown was able to
train yesterday because of minor injuries. Gary Cahill, the Bolton Wanderers
defender, has been called into the squad. Matthew Upson remains the slight
favourite, ahead of Joleon Lescott, to start alongside Terry in central
defence on Saturday. One defender certain of his place in the team, Ashley
Cole, has suggested that, at the age of 28, next summer's World Cup may be
his last. The full back signed a new four-year contract with Chelsea
yesterday, having produced outstanding form in the past 12 months, but he is
less certain about his prospects of playing for England in 2014. "A lot of
the players have started to realise that this World Cup finals could be our
last major tournament," he said. "I've got good young players coming up in
my position, so I know there is pressure."
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The transfer window's not closed for these players!
Out-of-contract Viduka, Van der Meyde and Co are still open to offers
By Tom Bellwood Last updated at 7:46 AM on 03rd September 2009
Daily Mail
Managers around the country will be kicking themselves as attempts to bring
in new talent failed when the transfer window slammed shut. But, fear not,
Mr. Annoyed Manager as there's no reason why you can't add to your squad
right now. All you need to do is find yourself a footballer who is a free
agent. You see, the rules that govern when a player, who is registered with
a club, can move do not apply to free agents.
Players that have experience, talent, a pair of boots and, most importantly,
no club can join a team whenever they want. So, form a queue (no pushing at
the back, there) and get your hands on one of these pros. Pros that no-one
else wants...
Mark Viduka
Surely still worth a few goals to someone? The Duke has the turning circle
of a supertanker but retains the touch of an angel and would gladly return
to Newcastle if Alan Shearer was given the manager's job back. That's good
of him.
Lucas Neill
Australian No 2 on our list and it seems like just minutes ago that Neill
was commanding £75,000 a week and captaining a Premier League side. How
times have changed. The experienced right-back is still only 31, so has a
few years left in the tank yet.
Andy van der Meyde
A controversial four-year stint at Everton has come to an end and the nippy
winger now needs a new home. Can you help? Newcastle have shown some
interest in the Dutchman who some would say 'comes with a bit of baggage.'
Michael Ball
An unwanted gift. Ball was kicked out the door when his Manchester City
owners got some better toys to play with. The 29-year-old captained
Manchester City last season and is an England international (Yes, those two
statements are extremely tenuous).
Moritz Volz
This German is a good little runner and doesn't have too many miles on the
clock. After stints at Arsenal, Wimbledon, Fulham and Ipswich Town, it is
remarkable that the right-back is still only 26.
Dietmar Hamann
How can you not want to employ a man with a face a beautiful as Dietmar's?
Surely someone can find a spot in their team for a man who held Liverpool's
midfield together during the Champions League final of 2005 and scored the
free-kick that forced Kevin Keegan out of the England job?
Glauber Berti
The man achieved legend status at Eastlands by playing a grand total of six
minutes for City last season. The centre-back is only 26 and Brazilian -
they're always good at football (unless your name's Gilberto and played for
Spurs).
Lauren
Now this man won gold at the Olympics in 2000 with Cameroon - so he must be
brilliant. Why haven't someone like Arsenal signed the lofty right-back? Oh
yeah, they did and let him go. Sorry, Lauren.
Dwight Yorke
Who cares that he's 37 and has been intimate with the not-so-delightful
Jordan, this man scores goals for fun.
Henri Camara
This man has a wife and kid for goodness sake. Will someone have a heart and
give him a job? The Senegal striker spent the summer on trial in Hull
(playing football, not in court) and is available to score some goals for
you right now. Please.
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West Ham accounts reveal loss of £37m
West Ham debts and liabilities close to £100m
Accounts unveil 'fundamentally flawed' strategy
Matt Scott The Guardian, Thursday 3 September 2009
The shocking extent of West Ham United's financial crisis during the
Bjorgolfur Gudmundsson era has been laid bare in the clubs's accounts, which
have been obtained by the Guardian. The documents reveal a business strategy
that, in the opinion of the club's finance director, Nick Igoe, was
"fundamentally flawed".
The accounts set out a loss of more than £37.4m for the year ending 2008,
which was covered by an injection of £30.5m of cash from the holding company
of the former owner, Gudmundsson, and £17m of new loans negotiated with the
banks in January 2008. Now that the club's parent company, CB Holding, is
effectively a subsidiary of Iceland's now defunct bank Straumur, even a
marginal loss this year could result in a return to the 2008 crisis.
In addition, the Hammers have net debt and contingent liabilities
approaching £100m. But since West Ham are also yet to file their May 2009
accounts, the true current picture has not been presented. It is believed
five syndicate banks have together raised their loans to the club to £50m
and whether the auditors, Deloitte, will sign off the most recent accounts
is an important consideration.
West Ham have embarked on a series of cash-saving measures but, despite net
transfer proceeds in the 12 months to 5 June this year of £11.67m, troubled
times still lie ahead.
Of paramount concern is the stark admission that the club had breached their
debt covenants. This meant that the five banks that had then loaned them
more than £20m could have demanded immediate repayment, a move that would
have plunged the Upton Park club into administration. Only what the board
has termed the "goodwill" of those banks prevented West Ham becoming the
first Premier League club to suffer that fate.
"The scale of operating losses and wages caused the group to breach certain
banking covenants in 2007-08," Igoe said. "Although the group's banking
syndicate [later] waived these breaches, a business strategy which relies on
the goodwill of the group's bankers to waive covenant breaches is
fundamentally flawed."
At that time the annual wage bill amounted to £63.3m on turnover of £81.5m,
a ratio of almost 78% that the club recognises as being "unsustainable".
Only the removal from the wage bill of players such as Craig Bellamy, Anton
Ferdinand, Bobby Zamora and Matthew Etherington has allowed the club to
continue trading.
There are further financial pressures off the pitch that will continue to
hit home. The collapse of the former shirt sponsor, XL, is estimated to have
cost the club £4m. The settlement with Sheffield United after the Carlos
Tevez inquiry has added another £21m in future liabilities, to be paid in
four equal tranches each year to February 2013.
Add to that the £17.8m that the club owe following Gudmundsson's spending
spree and it is apparent that the Hammers remain on shaky ground. "It is
clear with the benefit of hindsight that not all of the investment
undertaken in the playing squad in the period under review was prudent,"
Igoe said. "West Ham United purchased three high-profile players in 2007-08
at a combined cost of £20m with total annual wages in excess of £12m. Those
players made 36 starting appearances between them in the season."
Those three players were Freddie Ljungberg, Bellamy and Kieron Dyer. While
their arrivals characterised the profligacy of Gudmundsson's stewardship of
the club, their injuries characterised the 2007-08 season and it was
remarkable that the club finished in mid-table.
However Igoe qualified that by adding: "Whilst creditable, the 10th place
finish has to be viewed in the context of a £21m increase in wages [almost
exclusively player wages] and a further £15.7m net investment in transfer
fees, following the £29.9m investment in the previous season. Again ignoring
exceptional expenses, the group recorded a loss before player trading and
after interest of £7.4m."
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I Think I Need a Lie Down…
West Ham Till I Die
When I interviewed Scott Duxbury in June he warned that the club's accounts,
when filed, would not make happy reading. How right he was. The Guardian has
obtained them and I would suggest that before you click HERE, you have a
stiff drink.
I don't think any of us can have imagined just how badly Eggert Magnusson's
spending spree had landed us in it. Our debt position is truly horrendous
and we must have come very close to going into administration. When you have
to rely on the goodwill of the banks, it truly is a desperate situation.
Perhaps this demonstrates just how vital that £5 million fee for James
Collins really was, although you'd have to say it would have been entirely
understandable if they had sold Matthew Upson.
I don't normally quote a newspaper article in full, but this one warrants
it. Here goes…
The shocking extent of West Ham United's financial crisis during the
Bjorgolfur Gudmundsson era has been laid bare in the club's accounts, which
have been obtained by the Guardian. The documents reveal a business strategy
that, in the opinion of the club's finance director, Nick Igoe, was
"fundamentally flawed".
The accounts set out a loss of more than £37.4m for the year ending 2008,
which was covered by an injection of £30.5m of cash from the holding company
of the former owner, Gudmundsson, and £17m of new loans negotiated with the
banks in January 2008. Now that the club's parent company, CB Holding, is
effectively a subsidiary of Iceland's now defunct bank Straumur, even a
marginal loss this year could result in a return to the 2008 crisis.
In addition, the Hammers have net debt and contingent liabilities
approaching £100m. But since West Ham are also yet to file their May 2009
accounts, the true current picture has not been presented. It is believed
five syndicate banks have together raised their loans to the club to £50m
and whether the auditors, Deloitte, will sign off the most recent accounts
is an important consideration.
West Ham have embarked on a series of cash-saving measures but, despite net
transfer proceeds in the 12 months to 5 June this year of £11.67m, troubled
times still lie ahead.
Of paramount concern is the stark admission that the club had breached their
debt covenants. This meant that the five banks that had then loaned them
more than £20m could have demanded immediate repayment, a move that would
have plunged the Upton Park club into administration. Only what the board
has termed the "goodwill" of those banks prevented West Ham becoming the
first Premier League club to suffer that fate.
"The scale of operating losses and wages caused the group to breach certain
banking covenants in 2007-08," Igoe said. "Although the group's banking
syndicate [later] waived these breaches, a business strategy which relies on
the goodwill of the group's bankers to waive covenant breaches is
fundamentally flawed."
At that time the annual wage bill amounted to £63.3m on turnover of £81.5m,
a ratio of almost 78% that the club recognises as being "unsustainable".
Only the removal from the wage bill of players such as Craig Bellamy, Anton
Ferdinand, Bobby Zamora and Matthew Etherington has allowed the club to
continue trading.
There are further financial pressures off the pitch that will continue to
hit home. The collapse of the former shirt sponsor, XL, is estimated to have
cost the club £4m. The settlement with Sheffield United after the Carlos
Tevez inquiry has added another £21m in future liabilities, to be paid in
four equal tranches each year to February 2013.
Add to that the £17.8m that the club owe following Gudmundsson's spending
spree and it is apparent that the Hammers remain on shaky ground. "It is
clear with the benefit of hindsight that not all of the investment
undertaken in the playing squad in the period under review was prudent,"
Igoe said. "West Ham United purchased three high-profile players in 2007-08
at a combined cost of £20m with total annual wages in excess of £12m. Those
players made 36 starting appearances between them in the season."
Those three players were Freddie Ljungberg, Bellamy and Kieron Dyer. While
their arrivals characterised the profligacy of Gudmundsson's stewardship of
the club, their injuries characterised the 2007-08 season and it was
remarkable that the club finished in mid-table.
However Igoe qualified that by adding: "Whilst creditable, the 10th place
finish has to be viewed in the context of a £21m increase in wages [almost
exclusively player wages] and a further £15.7m net investment in transfer
fees, following the £29.9m investment in the previous season. Again ignoring
exceptional expenses, the group recorded a loss before player trading and
after interest of £7.4m."
I'm told that since these accounts were filed the financial situation has
been stabilised. Well thank the Lord for that!
::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::
West Ham in line for Mark Viduka bid with Marouane Chamakh set for January
transfer
West Ham United are considering making a move for Mark Viduka as they
continue their hunt for another striker to add to their squad.
Telegraph.co.uk
By Jason Burt, Deputy Football Correspondent
Published: 7:30AM BST 03 Sep 2009
The 33-year-old Australian is available as a free agent after his contract
expired at Newcastle United during the summer. He has held talks with West
Ham, and other Premier League clubs, over his future. West Ham are now
weighing up whether to make Viduka an offer although the club are also
understood to be looking at other strikers who are out of contract and who,
therefore, can be signed even though the transfer window is now closed. West
Ham target out-of-contract striker West Ham remain confident that they can
still sign Marouane Chamakh, the Moroccan striker, either in January or next
summer when his contract at Bordeaux ends. The club were given permission to
speak to Chamakh, after a £7 million fee was agreed, and talks have taken
place. It's understood he was impressed by West Ham but was also keen to at
least play in the group stages of the Champions League with Bordeaux. It may
be that Chamakh will decide to sign a pre-contract agreement with West Ham
in January, as he is entitled to do, although if he continues to impress
there is likely to be competition from other clubs.
It means that West Ham are looking for a short-term option to add to their
list of strikers, especially as Dean Ashton has still not regained full
fitness and there are question marks as to whether he will. West Ham
released a statement after the closure of the transfer window which
explained their dealings. It read: "Attempts were made on Tuesday to
finalise negotiations for another forward to complement the existing attack.
Terms were agreed with the selling club but the player was unwilling to
join."
That striker was Manchester City's Benjani Mwaruwari. However the Zimbabwean
did not accept the offer because, much to the astonishment of both clubs, he
would prefer to move down to League Two and join Notts County, albeit on
Premier League wages. West Ham's statement went on: "Gianluca Nani
(technical director) and Gianfranco Zola (manager) are now discussing the
possibility of an out of contract striker joining the club who has been
tracked in the past month."
Although talks are underway with Viduka he is not the only option. West Ham
also rebuffed a deadline day approach from Tottenham Hotspur for their
captain Matthew Upson. Spurs proposed offering £8 million for the central
defender, the same fee West Ham had rejected from Fiorentina, but were given
no encouragement. Zola has received a significant boost with Valon Behrami
returning to training. The Swiss international is in contention for a
first-team return when West Ham face Wigan Athletic on Sept 12 when new
signing Alessandro Diamanti is expected to make his debut. West Ham and
Millwall will submit their reports to the Football Association following the
violence that erupted at last week's Carling Cup tie between the two clubs.
The information will now be assessed by the FA who are conducting an
inquiry.
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West Ham swoop for Crumlin United striker Purdy
03.09.09 | tribalfootball.com
West Ham United have signed Irish youngster Danny Purdy. The Republic of
Ireland U17 international joined the Hammers in the summer from Dublin-based
Crumlin United.
Purdy featured in Ireland's 2-1 defeat by Russia on Tuesday.
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Da Costa: Faubert convinced me about West Ham
03.09.09 | tribalfootball.com
Former Fiorentina defender Manuel da Costa is pleased with his move to West
Ham United. The Portugal international told whufc.com: "I spoke with
Gianluca Nani and Gianfranco Zola and they both told me they wanted me to
come over and to give me a chance to have a fresh start. They told me they
had confidence in my ability, which made me feel good, so I was very happy
to join West Ham. "I also had the chance to meet with Julien Faubert when we
were both in France recovering from injury and we spoke a lot about West Ham
and playing in England. Julien is a good guy and we got to know each other
quite well. I am looking forward to living and playing in London myself
now."
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Deadline drama: West Ham couldn't locate agent of Man City's Benjani
03.09.09 | tribalfootball.com
West Ham United wanted to sign Manchester City striker Benjani Mwaruwari on
transfer deadline day. The Daily Mail says West Ham tried to sign Manchester
City striker Benjani as cover for Carlton Cole on deadline day but failed
because they could not track down his agent. The Hammers also ran out of
time to sign Bordeaux forward Marouane Chamakh, who remains a target for
later in the season.
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Neill now linked with Atletico Madrid
03.09.09 | Andrew Slevison
Former West Ham captain Lucas Neill is now being linked with Spanish club
Atletico Madrid. The Australian international, who is currently a free agent
after his contract with the Hammers expired at the end of last season, is
reportedly close to joining Atletico according to The Sun. It is believed
that Neill has been offered £1.56million a year by the Spaniards which would
be £5,000 less than what he was offered by West Ham to return to Upton Park.
Although the initial figure is less, Neill will only be taxed 20 per cent in
Spain, meaning he will actually receive over £300,000 more than if he
remained in England. Britain's 50 per cent rate for high earners comes in
next April.
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West Ham's Green confident of keeping number one England spot
03.09.09 | Andrew Slevison
West Ham goalkeeper Rob Green is confident his recent performances will be
enough to keep him wearing the gloves in Fabio Capello's England squad. The
29-year old has played the past three matches for the national team in the
absence of David James and Ben Foster and believes he has shown enough to
appear against Slovenia in an international friendly this weekend, a lead-up
to next week's World Cup qualifier against Croatia. "I think it's the same
for me as everyone else who is playing at the moment," he said. "The manager
has said he is taking it on the club form, who's playing well and who is
training well. "As I always say with things like this, there is stuff you
can control, and stuff you can't control, and the thing I can control is how
I play for West Ham. "Realistically, you take things as you see them - and a
clean sheet, like the one I had at Blackburn (on the weekend), is fine for
me. "If you go into every game and keep a clean sheet then you are a pretty
good keeper."
Green admitted he was letting his thoughts drift towards South Africa next
year but said it was healthy to believe you are the best in your position.
"At this moment, I am thinking about going to the World Cup as England's
number one," he insisted. "There is no point turning up if you think you're
going to be understudy. There is no point turning up not to play. "Playing
football is the key part of any footballer's career and life. You want to
play. Whether that happens or not is something beyond your control but if
you have done everything you can then there is no more you can do."
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