Gold defends money grabbing claim

David-Sullivan-and-David-Gold_2441171David Gold was forced to defend himself by declaring “David Sullivan and myself care passionately about the club and have not received a penny in our 6 years tenure” after one Hammers fan tweeted him sayingthe board didn’t care about the club or fans – only the money.”

David Gold and David Sullivan do not receive a salary or claim expenses from the club since joining in 2010.

The highest paid director thought to be a Lady in the House of Lords has received £2.95m in salary and bonuses in the first four years as an employee of West Ham. £1m of that is believed to be a bonus for winning the Olympic Stadium bid which is paid over 5 years. She is thought to earn a basic salary £636,000 so the total amount is over £3.5m when the last financial year is included although financial accounts have yet to be released in January.

Gold and Sullivan have personally lent the club over £49.2m in share holder loans over those years and that is lightly to increase this year with claims they have gone £17m in the red to fund the summer transfer spree.

They do claim interest on those share holder loans which amounted to £2.88m in the last published accounts for 2014, but this is accrued in the accounts and as David claims they haven’t received a penny of it. Previously they have claimed they were advised to charge interest for tax reasons and it may never be paid.

In 2013 David Sullivan also acted as a bank to the club loan a further £3.8m as part of a deal to refinance bank debt. This loan needs to be repaid by 31st December 2016. He is thought to receive interest repayments on this loan but it is fair to say this would have been paid to bank and Sullivan only stepped in when no only bank could not be found to fill a 15% short fall.

Sullivan and Gold also own interests in a telecoms company called Telecom2 Limited which provides £46,757 worth of services to the club. Whether they indirectly benefit from that arrangement through their shareholding is unknown.

About Sean Whetstone

I am Season Ticket Holder in West stand lower at the London Stadium and before that, I used to stand in the Sir Trevor Brooking Lower Row R seat 159 in the Boleyn Ground and in the Eighties I stood on the terraces of the old South Bank. I am a presenter on the West Ham Podcast called MooreThanJustaPodcast.co.uk. A Blogger on WestHamTillIdie.com a member of the West Ham Supporters Advisory Board (SAB), Founder of a Youtube channel called Mr West Ham Football at http://www.youtube.com/MrWestHamFootball, I am also the associate editor here at Claret and Hugh. Life Long singer of bubbles! Come on you Irons! Follow me at @Westhamfootball on twitter

9 comments on “Gold defends money grabbing claim

  1. Yes, well. Considering some of the other onanists who have held the reins at this poor old club, these two are really rather lovely.

    Their enforcer, however, is not so lovely, albeit in the House of Lords …

  2. Remember the Boys of ’86 who got us out highest ever league finish. As I recall the Browns who owned the club at that time decided not to fund more transfers and build on the success of that team. The club never reached those heights again, though for a brief moment we thought we might finally have some backing to push to higher heights when an Icelandic consortium became involved but ultimately lead the club to the brink of ruin. The the two David’s turned up and invested heavily to save the club, invested heavily to bring in the right manager (as much as we didn’t like his football Sam did what was required), they invested in players, and then backed out new manager and did the best business I think I’ve ever seen this club do in a transfer window. Never once taking anything back. They support this club, they love this club. I’m as excited by Weat Ham United as I’ve ever been. I say thank you to them, they are building a club, not buying instant success. I believe in this process as it sets the club up for a great future. Let’s get behind an exciting manager, and exciting team and concentrate on the football. That’s what we as fans care most about. If we all had the business sense of the two fellas in charge we’d be millionaires running football clubs but we’re not.

  3. They have done and continue to do a great job, I would rather have them than a Randy Lerner, for someone that sounds like a novice to lovemaking he has certainly manged to excel himself at screwing Aston Villa.

  4. Best owners we’ve EVER had !

  5. You just can’t please some people. Probably the best owners in the league – lifelong fans, putting their own money in, English, investing heavily in finally making us the success we all want to be and playing the football we want to see. Am I the only one that also thinks Karren Brady is a) the best looking director in the league, and b) doing a great job?

  6. I remember the Stephen Sackur interview on Hardtalk with Sullivan & they have done everything they said they would. Make us competetive whilst reducing debt. Is that not happening?

  7. And Brady only works part time ! Easiest money any of the Tory lords earns.

  8. Ive always been a fan of the David’s .. Are they perfect NO but they are the best people to run this club and they are doing a wonderful job

    As for Lady Brady, I like her to. She did a great job with the OS and deserved her bonus. Premier league footballs big business these days and in big business the top people get paid big bonuses for a good job.

  9. If I was David Gold I’d be getting the hump about this kind of stuff – the David’s have done a good job since taking over at West Ham, they used the previous Manager to get us out of the Championship and have now appointed a man who will allow the Club to ‘kick on’ and move into the Olympic Stadium with a bright future and the football side of things in good hands!

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