In the face of increasing supporter pressure, West Ham's board members have announced a 50 per cent pay cut -- but two or three players will also be sold to balance the books.
The news has appalled many of the fans who are keen to see more pressure put on the Hammers executive after what they claim are years of financial mismangement.
Paul Cousins, a shareholder and season ticket holder who is among the leaders of the protests against chairman Terence Brown and his board of directors, was unimpressed.
"This is just a gesture, but let's just say pressure from the fans might have brought it about," he said. "That could be one good thing from all this.
"But he is still taking more than quarter of a million pounds, plus his pension and his chauffeur -- he's not exactly sinking into poverty with this."
And the announcement that up to three players would have to be sold to ease the club's cash worries has prompted more fears among fans, though Chelsea's £5million bid for Joe Cole was dismissed as "derisory" by Brown.
"He freely admitted two or three players would have to go," added Cousins.
"That is in addition to the ones whose contracts have expired -- these are players that people might actually want.
"That might plug the gap for the coming season, but these are assets which the club is losing forever and they are not going to be replaced."
A large group of small shareholders came to the Emergency General Meeting held by the club yesterday.
They were keen to publicise their concerns about the future financial viability of the club as the board removed restrictions on the amount of money that could be borrowed.
Fans fear this means the club's debts could be spiraling out of control, threatening the club with insolvency, though Upton Park directors have denied this.
In a club statement chairman Terence Brown said: "I would like to thank our shareholders for attending today's EGM and for their overwhelming support for the resolution to adopt the new Articles of Association."
Published Friday, May 30, 2003
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