West Ham debt explained and updated

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IronsForever
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West Ham debt explained and updated

Post by IronsForever » Tue Dec 25, 2018 11:59 am

Following the publication of the latest financial accounts, last Friday we have updated the explanation why and how West Ham are still £100m in debt.

Share Holder Albert Smith loaned West Ham an interest-free loan of £9.5m in 2017 repayable on the sale of the club.

Shareholders David Sullivan and David Gold are still owed £45m from shareholder loans they made between 2011-2014, the debt is repayable in January 2020. Outstanding interest accruals have reached £13.8m from these loans with a further £4.5m paid off from that amount after the year-end so a net debt of £9.3m remaining on top of the £45m.

£57m is owed to other clubs for inbound player transfers in the latest accounts although we are owed £25m from other clubs for outbound transfers so net debt on player trading is around £32m. Other creditors total £4m

So the total debt is still is just under £100m but nearly £64m of that is owed to shareholders and the other £32m owed to other clubs
There is also a short-term external debt of £23m akin to an overdraft which was from Media Rights Funding Limited repayable in July 2019.

Gone are the days when the majority of debt was owed to banks but debt is debt I guess many would argue.
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Come On You Irons!!!!!!!!!!

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