A top West Ham source says the club could be heading for transfer trouble after the owners made a huge £69m decision behind the scenes.
West Ham needed major squad surgery in the summer.
Nine players were signed and 12 were also let go in a mammoth 21-player squad rebuild.
It was a necessity after David Moyes left West Ham with the smallest and second oldest squad in the Premier League.
Tim Steidten took full control of West Ham’s football operation when the Scot departed.
The German’s summer business was hailed among the best in the top flight at the time.
Fast forward six miserable months, though, and both he and Julen Lopetegui are on the brink.
David Sullivan has been so disappointed with how Steidten and the manager spent £155m in the summer that West Ham’s majority owner has taken back ultimate control of transfers.
West Ham regress as £155m rebuild goes awry
Steidten pledged to rebuild the Hammers around young, versatile and exciting players.
But instead West Ham now have what is officially the oldest squad in the Premier League.
The signings of Niclas Fullkrug and Luis Guilherme for a combined £45m have looked extremely questionable.
Meanwhile the jury has been out on a number of others including Guido Rodriguez and Jean-Clair Todibo.
Lopetegui has struggled to get a tune out of his new-look squad and has two games to save his job.
With the January transfer window now open, West Ham are looking to make signings but must use loans or raise funds via sales or new investment having reached their PSR limit.
The Hammers have a slow, immobile side which lacks any cohesion.
It looks like a team slapped together with little planning or thought about how the players would complement one another.
A major rebuild revamp is already needed in the coming windows.
But West Ham transfer trouble looms after the owners did a £69m deal with Barclays Bank.
Transfer trouble looms after Hammers did £69m Barclays deal
That’s according to top inside source Sean Whetstone, who counts Sullivan and vice-chair Karren Brady among his close contacts.
Whetstone has been poring over West Ham’s newly-published financial accounts.
And he says one thing in particular stands out like a sore thumb.
Note 31 in post balance events reveals that West Ham’s owners sold £69m of future transfer payments due to them from other clubs for £64m to Barclays Bank.
That was in order to receive all the cash up front – paying the other £5m in interest.
Presumably that was to help fund the summer’s transfer splurge.
But Whetstone says the deal with Barclays ‘indicates cash flow could be a problem by next summer’.
One stand out item in the West Ham accounts is note 31 in post balance events revealing that we sold £69m of future transfer payments from other clubs for £64m to receive all the cash up front paying £5m in interest. That indicates cash flow could be a problem by next summer pic.twitter.com/bCcfg01PtA
— West Ham Football (@westhamfootball) December 31, 2024
Factor in that West Ham are not in Europe – and the now highly likely scenario there will be no Europe again next season either – and the Hammers could find making signings difficult both financially and in terms of attracting top talent.
West Ham may be hedging their bets on selling another top talent like Mohammed Kuuds for big money to pay for deals in the coming windows.
But there are no guarantees in football so this is a potentially risky strategy.
Especially with the Hammers needing to significantly adjust their transfer strategy and revamp a rebuild which simply has not worked.
Some would argue there is quite literally no future in such an approach.
It also means West Ham may struggle to make any loans they take on this month permanent.
And knowing West Ham’s luck the club will bring in some players on loan who excel and fans want to keep.
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