WH Holding Ltd has today announced its financial results for the year ending 31 May 2024.
The results show a net profit before tax of £57.2million, with the Club record transfer of Declan Rice, a product of the Academy of Football, and the Club’s UEFA Europa Conference League victory prize money, which is reflected in this set of accounts, key factors.
Other factors for the significant profit include the increase in turnover thanks to the higher Premier League position achieved in 2023/24 (ninth), and higher revenues in the UEFA Europa League compared to the UEFA Europa Conference League, where the Club advanced to the quarter-final stages.
These results placed the Club in a strong and healthy position to be able to re-invest every penny of the profit, as well as investing additional funds, strengthening the men’s first team playing squad substantially and significantly during the summer 2024 transfer window, following the arrival of new Head Coach Julen Lopetegui.
West Ham United’s women’s first team successfully maintained their Barclays Women’s Super League status, and with a newly constituted Board of Directors in place and under the management of Rehanne Skinner, will look to continue to progress.
The Club’s world-renowned Academy of Football continued to flourish, with a number of its young players gaining first-team experience both at West Ham United and on loan in the Football League during the 2023/24 campaign.
Off the field, West Ham United continued to make progress and grow in all areas throughout 2023/24. As one of the fastest growing brands in world football – resulting in the Club being listed as the 16th most valuable club in the world in 2023/24 in Forbes World’s Most Valuable Soccer Clubs list – the Club is now focused on continuing to grow its stature both domestically and internationally, maximising its presence, reach and exposure while championing our values in key targeted territories.
The loyalty displayed by the Club’s fanbase, indicated by the high level of Season Ticket renewals for the 2024/25 season, gives us the highest number of Season Ticket holders in London, and one of the highest in the Premier League, putting the Club in a strong position as we move forward.
Our commitment to equality, diversity and inclusion remains unwavering. We strive harder every year to make the matchday experience at London Stadium the best it can be for all supporters, and take a pro-active, creative approach to supporting both national and Premier League campaigns.
The Club also continues to place a huge importance on being a pillar of our community in the heart of London, delivering more than 30 community projects in east London, Essex, and international locations, and engaging up to 50,000 people every year across Health, Community Sport, Football Development, and Learning and Employability.
In 2025, we will open our doors to a new state-of-the-art community hub at Beckton, the home of the West Ham United Foundation, as part of the Club’s ongoing investment in community programmes across east London and beyond. The £4.1-million project will see the footprint of the current building treble, enabling the Foundation to serve thousands of children, young people, adults, families, elderly residents and hard-to-reach groups and individuals, doubling the current 2,000 weekly participant footfall in the process.
True to the Club’s deeply held values of community and inclusion, and as recognised equity leaders, the site promises to deliver a thriving Hub and safe space, accessible and open to everyone.
Turnover was again incredibly positive in 2023/24 at £267.9m, up £33.0m on the previous year, driven once again by strong on the field performance, and matchday (broadcast increase of £19.4m; ticketing increase of £3.7m), commercial and corporate (increase of £6.8m) and retail (increase of £3.2m) income. The Club continued to optimise its funding, repaying the outstanding MSD facility during this financial term, renewing its Barclays overdraft facility, and accelerating a number of future transfer fee receivables.
Joint-Chair and largest shareholder David Sullivan said: “We fully understand that we operate in a unique industry, in which the highs and lows of results and performances on the pitch tend to dictate the perception of a football club’s general prosperity and well-being. June 2023 gave us the Club’s first major trophy in more than 40 years, and memories of that night in Prague will stay forever in our hearts.
“It gives me a great sense of pride – as a custodian of this great football club – to know that West Ham United is on a firm and robust financial footing, with every penny re-invested into our squad, our infrastructure and our local London community, giving us a strong platform to continue progressing and building towards our long-term objectives.
“We are now in our longest unbroken run as a Premier League club, we have an award-winning charitable Foundation making a real and tangible difference to the lives of people in east London and beyond, and we have cleared down historical debt, meaning that West Ham United can continue striving to be successful, on and off the pitch, for the benefit of our supporters and our community.”
Click here to view the full financial results for year ending 31 May 2024.