Kieran Maguire: West Ham fans will be livid after '£23m' Gold and Sullivan news confirmed
West Ham fans will be “upset” that David Gold and David Sullivan continue to charge interest on their loans to the club.
So says finance guru Kieran Maguire, speaking exclusively to Football Insider about the £22.5million the co-owners earned in interest since 2012.
Documents filed with Companies House on Tuesday (4 January) reveal the Irons’ £26.9m loss for the year ending May 2021.
The figures also showed that the owners earned £1.87m from loans to the club across the same period.
New co-owner Daniel Kretinsky has no bearing on the results as his partial buyout came after the accounting deadline.
Maguire explained Gold and Sullivan’s rationale behind charging interest on their own business.
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“Fans might be upset that the two Davids are still charging interest on their loans,” he told Football Insider‘s Adam Williams.
“They are perfectly entitled to do that, but it takes the total amount since they acquired the club to £22.5m.
“Gold and Sullivan’s argument is that it’s cheaper to borrow from them rather than from a boutique lender like MSD or Macquarie.
“That is broadly correct. Gold and Sullivan are charging around four per cent whereas the likes of Southampton are paying nine per cent.”
The Hammers’ revenue increased by 38 per cent to £193m despite the net loss, partly because of deferred broadcast income.
On the pitch, David Moyes’ side are set to face Leeds United in the FA Cup third round tomorrow (9 January).