Tim Steidten is facing a huge rebuild this summer and will be excited after an astonishing £368m West Ham revelation from a club insider.
If West Ham technical director Tim Steidten was in any doubt about the job he has on his hands in the next transfer window, then his trip to Palace would have been a wake-up call.
Steidten was spotted watching the debacle at Selhurst Park alongside Hammers director Dave Sullivan, son of majority owner David Sullivan.
The look on both their faces spoke a thousand words as West Ham’s threadbare, ageing and inadequate squad put up a meek resistance in a 5-2 thumping which should have been by more.
David Moyes is out of contract at the end of the season. Many Hammers fans have grown tired of his approach.
Moyes has failed to future-proof inadequate Hammers squad
But despite the excellent job the Scot has done for the most part, he has completely failed to future proof this West Ham squad.
That’s despite spending over £500m on signings in the last four years.
Moyes has had full control of recruitment since his return in 2020. And even after Steidten’s arrival last summer the manager still had power of veto.
The beleaguered Hammers boss has admitted he prefers a small squad – which is seen by West Ham’s fans as the key reason the club has missed out on a golden chance to finish in the top six this season.
Whether Moyes stays or goes, Steidten will have full control of all recruitment from this summer.
Steidten in full control of major rebuild
West Ham’s owners have reportedly put Steidten in charge of appointing a replacement for Moyes if he does leave.
That will be his first big task of what will have to be one of the busiest summers at West Ham for years.
The Hammers are already three or four players short in their squad as it is.
Six players are out of contract and set to leave at the end of June.
And the likes of Lucas Paqueta, Nayef Aguerd and Maxwel Cornet are likely to be sold.
So as many as 10 players will be needed.
With that in mind, Steidten has a lot on his plate and will need plenty to spend.
Well it seems there’s some very good news on that front from a top club insider.
Whetstone’s astonishing £368m revelation is exciting for Steidten
Because Sean Whetstone has made an astonishing £368m West Ham revelation that’s very exciting for Steidten.
Whetstone counts vice-chair Karren Brady and Sullivan among his contacts. And club finances are one of his areas of expertise.
With strict PSR rules meaning clubs can only spent a certain percentage of what they earn, many were worried West Ham’s transfer business could be restricted.
But Whetstone says the Hammers are on course for a record £368m turnover which will stand them in very good stead for PSR and FFP.
“West Ham could record a record turnover of £368m thanks to a good European run and the sale of Declan Rice in this financial year,” Whetstone said.
“This season West Ham will book a full £100m profit on Declan Rice as he was sold to Arsenal on 15th July last year after the Hammers’ financial year-end in May.
“In a twist of fate, sales are recorded in the single financial year they are sold in the accounts, unlike incoming transfers which are spread over the life of the contract. West Ham spent around £105m last summer in transfer fees but as these transfers are amortised over four years so around £35m will recorded in this season’s accounts.
‘Massive profit will leave West Ham in a good place for PSR’
“West Ham is likely to earn £150m from Premier League TV money revenue this season with an Equal Share of £91.7m, TV facility fees: £17.8m and merit payment: £40.3m if the Hammers finish eighth.
“Add to this an estimated £23.5mm earned from the Europa League prize money with a cup run to the quarter-finals. Ticket match day revenue is likely to reach £45m plus commercial/sponsorship of another £35m revenue plus retail sales of around £14.5m
“That would create a record turnover for this season of around £368m way above the £253m recorded two seasons ago. This summer signings are likely to come after the financial year ends at the end of May so expect West Ham to make a massive profit on paper which will leave them in a good place for FFP and PSR.”
Cynics among the West Ham fanbase won’t believe it until they see it of course.
But this is very encouraging indeed. Particularly for Steidten.
The ‘pearl diver’ has proved he can build teams without breaking the bank in the past. Just look at Bayer Leverkusen.
Premier League clubs usually have to pay a premium for players, though. So he will need sizeable funds this summer as he plots the rebuild.
The German recently committed his future to West Ham and said he sees it as a five-year project.
Football finance expert Kieran Maguire recently spoke to Hammers News about what the new PSR rules mean for West Ham.