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West Ham pay off loans

West Ham have paid off  £55m loans from Media Rights and Funding Limited on Friday some 100 days ahead of the original schedule.

Papers filed at Companies House on Friday show stratification of charges for Media rights and funding.

Just three days earlier another charge was raised for MSD Holdings owned by billionaire computer tycoon Michael Dell and his family.

That is thought to be a £120m resolving credit facility akin to an overdraft.

We should well soon see the Barclays short term loan of £20m paid off soon also transferring the debt to the new MSD holding finance facility.

Unlike Media Rights and Funding which was an annual facility, the £120m overdraft facility is over five years.

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The amount of interest charged has not been revealed in West Ham accounts but with other football clubs, the interest rate has been revealed at around 9% of monies actually borrowed.  There is also likely to be a smaller interest rate to have the money at the club’s instant disposal. An interest rate if 0.5% is the usual going rate for so maybe up to £600,000 per year to have credit on tap.

 

 

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About Sean Whetstone

I am Season Ticket Holder in West stand lower at the London Stadium and before that, I used to stand in the Sir Trevor Brooking Lower Row R seat 159 in the Boleyn Ground and in the Eighties I stood on the terraces of the old South Bank. I am a presenter on the West Ham Podcast called MooreThanJustaPodcast.co.uk. A Blogger on WestHamTillIdie.com a member of the West Ham Supporters Advisory Board (SAB), Founder of a Youtube channel called Mr West Ham Football at http://www.youtube.com/MrWestHamFootball, I am also the associate editor here at Claret and Hugh. Life Long singer of bubbles! Come on you Irons! Follow me at @Westhamfootball on twitter