West Ham United finance director Nick Igoe admits the club's past signings have not proven value for money.

The Guardian says Igoe commented: "It is clear with the benefit of hindsight that not all of the investment undertaken in the playing squad in the period under review was prudent.

"West Ham United purchased three high-profile players in 2007-08 at a combined cost of £20m with total annual wages in excess of £12m. Those players made 36 starting appearances between them in the season."

Those three players were Freddie Ljungberg, Bellamy and Kieron Dyer.

While their arrivals characterised the profligacy of Gudmundsson's stewardship of the club, their injuries characterised the 2007-08 season and it was remarkable that the club finished in mid-table.

However Igoe qualified that by adding: "Whilst creditable, the 10th place finish has to be viewed in the context of a £21m increase in wages [almost exclusively player wages] and a further £15.7m net investment in transfer fees, following the £29.9m investment in the previous season. Again ignoring exceptional expenses, the group recorded a loss before player trading and after interest of £7.4m."