Discussions over David Moyes’ new deal at West Ham have been put on the back-burner due to growing concerns over the club’s financial health.
The Scotsman has transformed the Hammers’ fortunes since being re-appointed manager in December 2019. Having steered them to safety during his first campaign back at the club he’s now taken them to the brink of Champions League football.
West Ham are currently fifth in the Premier League and sit just three points off fourth place Chelsea with four games remaining.
While qualification for Europe’s premier club competition still looks a tall order, the Hammers look nailed on to secure a place in Europe next season in some capacity – a far cry from the struggles in recent years.
Moyes’ contract at the Hammers has little more than one year left to run, yet the Daily Mail report that co-owners David Sullivan and David Gold have cooled talks over a new deal amid growing concerns over the club’s finances.
West Ham recorded losses of £65m for the year ending May 2020 and that figure is expected to grow even further when this season’s accounts are finalised following a year without matchday revenue due to the coronavirus pandemic.
Sullivan and Gold recently obtained a £120m loan in a bid to stabilise their club’s finances – money which will be repaid in full upon the return of fans to football stadiums.
The report adds that Moyes is eager to pen fresh terms at West Ham though he’s understanding of the club’s financial plight. The former Everton boss triggered a 12-month extension on his existing deal last season having originally been offered an 18-month contract when he returned to the London Stadium.
Once the club’s finances are evaluated, it’s understood that a two-year deal will be tabled with the option of a further year should Moyes meet the owners’ expectations.