West Ham have taken a mortgage out on Chadwell Heath to raise £4m required to upgrade the training ground.
A mortgage charge published at Companies House today against West Ham United Football Limited has revealed the mortgage and Claret and Hugh understands the £4m will be paid back over ten years to help with cash flow at the club after heavy transfer spending in the summer.
Another charge has also been registered at Companies House today dated 17th August to renew a credit facility from Rights and Media Funding limited secured against the training grounds, shop and stadium leases.
The new credit facility is thought to give West Ham the ability to borrow up to £45m with the club paying 1% interest to have that amount on call and 7% per annum of interest on any funds they actually borrow. The level of the loan akin to an overdraft caries throughput the year to help with cash flow.
Both loans have been arranged through Rights and Media Funding limited who are claimed to be funded by rich West Ham fan Michael Tabor.
