Speaking at his first official news conference, he stated that the failed Icelandic regime of Eggert Magnusson and Bjorgolfur Gudmundsson had created a complete financial nightmare and that the club are in debt to the tune of at least £100 million.
According to Sullivan, West Ham owe at least £50 million to banks and £40 million to other clubs (including Sheffield United), as well as potential pay-outs to former managers and other creditors.
He also revealed the club have borrowed against future earnings and have even spent 70% of next years’ season ticket money on top of 60% of the following seasons’ sales.
Sullivan also revealed that had a takeover not been completed this January then the club would have had to raise £8 million in this transfer window and astonishingly another £12 in the summer just to survive.
Further revelations are surely to be expected from the press conference that is still continuing.