By Sean Whetstone
West Ham have today confirmed for the first time in their annual accounts that they have borrowed a total of £27.8m from the mysterious Vibrac Corporation.
It’s revealed in the accounts published today at Companies House which reveals they borrowed £12.8m as a pay day loan in September 2012. It was repaid in August 2013.
It then took out a further £15m short term loan in August 2013 against future Premier League TV income.
The Vibrac Corporation’s involvement in football are not a new phenomenen with Everton borrowing £13 million back in 2011 at a rate of 10 per cent interest and the club has have renewed that facility every year since.
It is not known who owns the Vibrac corporation but they are based in the same building as BCR Sports, the company through which Robert Earl controls his stake in Everton FC.
In April 2012, a facility was also provided to Southampton by the Corporation.
Saints fans called for transparency over a mysterious financial document lodged by the club at Companies House at the time.
In April last year, a similar facility was also provided to Fulham to enable the club to borrow against future guaranteed income.
However it is claimed this facility was settled early when Shahid Khan purchased Fulham.In the Fulham transaction they authorised the Premier League to pay £16million into Vibrac’s account with Barclays.
Fulham put up Craven Cottage itself as security for the loan. In the draft mortgage document submitted to Companies House, an accountant named Robert Heppel was given as a witness to Vibrac’s side of the agreement.
