Sullivan turns banker to clear Irons debt
By Sean Whetstone
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.