Moore Than Just A Podcast presenters Sean Whetstone, George Bucci, John Bucci and Nigel Kahn discuss the disappointing Swansea defeat last weekend as well as current problems both on and off the pitch in the latest episode of the West Ham Podcast now in its seventh season.
Listen to Sean, George, John and Nigel set the world to rights in all things West Ham at www.moorethanjustapodcast.co.uk
We have also re-published an interview we did with West Ham Chairman David Gold last August about his ownership of the club, succession planning and those shareholder loans and the interest which is relevant after the latest financial accounts were released this week.
I missed the DG interview first time around, but the rhetoric hasn’t really changed when compared with the interview on TWHW last night.
I’m torn on the loans interest point: Frankly its their club and if they want to charge interest on loans they can. The other view is, taking money out of a high growth investment with a 7 year plan to get to the Champions League, doesn’t make sense?
The contrast in approach post takeover with Leicester City (also in 2010) is stark. Their new owners swapped the majority of their ‘caustic loans’ for equity, which of course doesn’t charge interest. In 2016 they made a net investment in the transfer market of £20mill+ and went on to win the title. In the same year they paid only £70,000 of bank interest (at a 2.25% interest rate) and made a profit of £20mill.
In 2016, our owners maintained nearly £50m of directors loans charging 7% (£3mill plus) and we made a £5mill loss. We have continued to reduce our net transfer investment year on year, despite growing income. The fact that the owners have withdrawn £12mill of accrued interest over the past couple years and we have flirted with relegation both seasons must just be coincidental?