Kieran Maguire tips Kretinsky to sanction ‘£120m’ payout immediately after West Ham takeover
The first thing Daniel Kretinsky will do when he buys into West Ham is pay off their £120million debt.
That is the view of finance guru Kieran Maguire, speaking exclusively to Football Insider about the latest takeover news at the London Stadium.
The Times reported on 29 October that Czech billionaire Kretinsky is in talks to buy a 27 per cent stake in West Ham for £150m.
This partial buyout is with a view to a full takeover from David Gold and David Sullivan further down the line.
A clause in the London Stadium tenancy agreement decrees that Gold and Sullivan would see their payout slashed if they sell before 2023.
The current Iron regime has racked up £150m worth of debt, including £120m from private lender MSD Holdings over the course of the pandemic.
And Maguire predicts that Kretinsky could begin his reign at West Ham by paying off the debt in its entirety.
“It allows the club to potentially repay some of the debts it owes,” he told Football Insider correspondent Adam Williams.
“The club owes quite a lot, £120m apparently, to MSD Holdings. That lender charges quite a high interest rate.
“If you are paying seven to 9.5 per cent interest, that is a lot of money over the course of a year.
“Repaying those could help West Ham on an operational basis. If you are willing to fund the club, it makes sense to lend them the money yourself.”
In other news, pundit salutes GSB after official statement that West Ham fans will love.