West Ham loan money against bumper TV deal
Papers filed with Companies House in August show West Ham borrowed from a company called Rights and Media Funding Limited formally called JG Funding. In theory the Hammers could borrow up to £100m which drawn down and used like an over draft facility to ease cash flow issues.
Last year West Ham borrowed £30m from JG funding only for it to be paid back by the Premier League over the course of the season in payments to the lender.
ClaretandHugh understand that West Ham have borrowed nowhere near the maximum £100m but the blacked amount is in excess of the £30m they borrowed last year.
We have previously been told that Rights and Media Funding borrows its money from a company called MouseHole Limited who shares a British Virgin Islands address with a company called Vibrac who West Ham have borrowed money from in previous years.
West Ham are not alone in this practise as Everton recently also borrowed money from Rights and Media Funding as it has done in previous years.
It is not known who owns MouseHole or 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.
These kind of cash facility loans usually attract interest of 10% which has raised the questions why we continue to use these temporarily loans in the first season of a new bumper TV deal and when we will be able to stand on our own feet without these so called pay day loans.