History has a way of repeating itself at West Ham.
When Graham Potter replaced Julien Lopetegui, there was zero overall improvement in the team’s results. But he did manage to plug the gaping holes in what had been a disastrously leaky defence. In Potter speak: “we were competitive in every game despite eventually losing.”
This newfound defensive resilience however did not survive the summer break as the Hammers conceded goals left, right, and centre at the start of the campaign. And were especially vulnerable from set pieces. Once again, the arrival of a new manager – this time in the shape of Nuno Espirito Santo – initially did little to impact the club’s overall trajectory. Except, that defending from corners and free kicks did significantly improve. Until Saturday that is.
Premier League football is rapidly becoming defined by either breakaway goals or set piece shenanigans. Facilitated by the expected level of ineffectual and inconsistent refereeing, every corner kick promises to be a messy tangle of pushing, shoving, bundling, holding, blocking and shirt tugging. What an indictment it is of the beautiful game that scrambled goals from corners are the principal weapon of this year’s potential champions. How long before we have a Golden Dead Ball – Ballon Mort d’Or – awarded each season to the most profitable set piece coach?
Although Liverpool are latecomers to the Premier League party of corner kick aerial bombardment, it is something they have embraced wholeheartedly in recent weeks. Games are now won and lost in a six-yard box battlefield which has become no place for passengers or onlookers. West Ham were typically ill-prepared for such an assault with the three goals it earned the home side in the opening 45 minutes effectively killing the game.
Defending is a collaborative discipline, and most goals are down to collective failure rather than individual error. But having said that, the slight Mads Hermansen looks totally unsuited to the physical challenges that opponents can unleash at set pieces. He is far better than Alphonse Areola with the ball at his feet but as a shot stopper and for aerial ability he is obviously worse. A keeper who lacks presence, who is unable to dominate in the air always spreads panic and uncertainty across the entire defence. We have seen how this works repeatedly over the years. Hermansen had done OK on his return to the first team but when put under physical pressure for the first time, the terrified keeper from early season was back for all to see.
It’s not that others weren’t implicated in the goals. Mateus Fernandes could have been stronger in clearing the lines before goal number one; Aaron Wan-Bissaka inexplicably refusing to get close to Gakpo for the fourth. But, for me, too much of the vulnerability stemmed from a lack of belief in the keeper.
Aside from the goals conceded, there were some positives to the Hammer’s performance. They had plenty of the ball, heads didn’t drop and if games were settled on xG we would be laughing.
It is either paradox or coincidence that West Ham have failed to win any of their league games since the injury sustained by Pablo. Nuno’s effective tactical approach, discovered by accident, having fallen apart due to the unavailability of one technically limited component.
A second positive from the weekend was defeats for all the other relegation ‘hopefuls.’ We are in no worse a position than we were a week ago but have one fewer game to make up the deficit. While I had Liverpool down as the least winnable of our remaining games, the visit to Fulham is one of the potential victories if we are to survive. It will be the second favour of the week to be asked from the Cottagers if we are to pull it off. To win, Nuno must earn his corn with a more front foot lineup than we saw at Anfield. Possibly starting with both Taty and Callum Wilson up front.
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West Ham’s long awaited accounts were finally published at the back end of last week. Although largely consistent with all the estimates leaked during the preceding months, this didn’t prevent a social media furore over the bleakness of the accounts. Confirmation of what a badly run club West Ham is.
It was a given that the absence of European competition and poor league performance would severely hit the broadcasting revenues on which the club is overly reliant. It is a situation that will not be improved by the next set of account due to continuing struggles on the pitch and the constraints of not having operational control of the stadium.
From my perspective there are two ways of looking at football finance. One is what must be done to comply with PSR/ FFP regulations. The other is the appetite of owners to invest in the club and what they hope to achieve from their ownership.
If West Ham survive this season, it will be the last year of PSR. Relegation would upset the whole apple cart; there is no doubt about that. But I’ll go no further down that particular rabbit hole until necessary.
As far as PSR for the current season is concerned, West Ham loss of £104 million in 2024/25 would be added to the prior season’s profit of £57m. On the face of it, this allows a £47m loss in 2025/26 to stay within the three-year £105m loss limit. However, these numbers do not take account of allowable deductions for women’s football and youth and community development. Over three years this might total anywhere between £35 to £50 million according to the estimates I have seen. Thus, allowable PSR losses in the current season could be up to £97 million.
I have no idea whether this still leaves West Ham in a hole. If it does, then selling a stake in the women’s team may be the preferred or only avenue available. Relying on player sales would be problematic as they would need to be completed by 31 May to appear in this year’s accounts.
When it comes to club ownership, we can see from the wider world of football that no-one buys a football club any more in the hope of making annual operating profits. Sustained success almost always requires surplus revenues to be ploughed straight back into player transfers and wages.
The allure of football club ownership is either asset appreciation, personal prestige, or to further other non-financial goals. Owning a club is like owning a rare piece of art. Something to show-off about and then sell for a hefty profit at some point in the future. Or else ownership is a vehicle to promote outside business interests or for the purposes of sovereign state soft power.
For most owners, a football club is a high-risk, low-income investment in the short term. With the potential for massive, high-prestige, long-term capital appreciation in the future. If West Ham’s owners can’t or won’t play that game, then they should get out. It is not a business where success can be achieved through penny pinching and seat of the pants management. COYI!
Under The Hammers 