West Ham financial accounts released earlier this week show that the Hammers have borrowed £30.1m from ‘Pay Day lenders’ James Grant Funding (JGF).
The cash has been borrowed against future TV money and is paid directly by the Premier League to the mysterious British Virgin Islands lender.
The sole director of JGF is called Jonathan McMorrow as recorded on the West Ham loan paperwork filed with companies house, who was an employee of the James Grant Group until April 2015 which is chaired by Spurs Chairman Daniel Levy. Both companies shared the same registered address at companies house until earlier this year when JGF moved changed to a P.O box.
However a West Ham insider told Claret and Hugh that “JG Funding Limited confirmed to both WHU and the FAPL that it is not in any way connected, affiliated or associated with the James Grant Sports Agency.”
Just a complete coincidence then, the source of the investor or investors behind JGF are unknown but they also recently lent money to Everton. Irons financial accounts also reveal that joint Chairman David Gold and David Sullivan injected none of their personal wealth in the previous financial year after injecting over £49m over the previous 4 years in shareholder loans.