By Sean Whetstone
West Ham co owner David Sullivan turned club banker to clear the club’s 44m debt which had to be paid off by January 1 2014.The total was owed to five banks and Sullivan’s extraordinary undertaking has ensured that the Hammers can move forward into a confident future.
It was in June 2013 that Sullivan became the major shareholder when buying a further 25 per cent of the club from CB holdings on condition they used cash as a loan to the Irons to pay off the existing bankers.
Sullivan paid £25.5m for these shares which ultimately went straight back to the club to pay off the banks.
However, there remained a 15 per cent ‘hole’ (£3.8m ) which was owed to the five-bank syndicate so Sullivan personally took that main bank debt so that it could be paid off. It was the only way it could be done as no other banks were prepared to loan West Ham the money.
So Effectively, David Sullivan become one of our bankers and is named as such in the 2013 financial accounts at Companies House.
It means the co-chairman has invested another £25,5m in the last year on top of the £10.5m he and David Gold loaned the club last season in shareholder loans.
CB Holdings loaned West Ham an additional £6.7m bring the bank debt to £32.2m of which £3.8m is owed to David Sullivan.
Jezzzz! And some fans moan about our owners! Think many cannot grasp the severity of the situation we have been in, or just how committed our owners are!
I will thank you both, DS & DG! May not love your choice of Manager, but I believe in our owners! WHTID!
Some fans will still spin this into some sort of negative, the debt might not be wiped out but I know who I would rather we owed the money to between the Banks or David Sullivan!
Thanks DS, hopefully we all can enjoy a successful future & if that means you making money out of it then good luck to you! :thumbsup: COYI