BusinessCompany NewsWest Ham FD faces shareholder revolt

West Ham FD faces shareholder revolt

The chairman and finance director of West Ham United Football Club, both of whom are accountants, could face calls for their resignation from some shareholders.

Link: MPs push for tax breaks for ailing clubs

A consortium of businessmen led by Mike Hanna, a shareholder and former chair of a supporters group, have sent a letter, seen by the Evening Standard, urging fellow shareholders to support a proposal to oust Terry Brown, chairman of the club, its FD Nick Igoe, along with managing director Paul Aldridge.

They are unhappy with the way the club is being run, its current status in the first division and the sale of top players including Joe Cole and Freddie Kanoute in the summer.

They want West Ham legend and TV commentator Trevor Brooking to take over as executive chairman, although Brooking has given his full backing to the current board.

If the businessmen manage to secure 100 signatures from shareholders, the matter will have to be put to a vote at the club’s AGM scheduled for next month.

Attempts to dismiss Brown would be difficult as he holds 36.6% of the club’s shares, while the Hills and Cearns family, which support him, own 39%.

News of the proposed ousting came as West Ham announced poor year-end results with pre-tax losses of £5.3m on turnover of £51.7m, with 65% paid in players’ wages.

A spokesman for West Ham said it was unaware of the story in the Evening Standard and declined to comment.

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