West Ham have reached an agreement with an offshore lending company to loan £60million to help manage its debts, according to Mail Online.
The fee is borrowed against next season’s Premier League TV money, despite not team not yet fully securing their top-flight status, although the club will only be allowed to draw the full loan amount once they are mathematically safe in the Premier League.
Co-owners David Gold and David Sullivan have already drawn a small amount from the loan – thought to be around £10million – to pay-off debts that they inherited when they bought the club three years ago.
Gold and Sullivan bought the club when it was around £100million in debt and it is believed that sum now stands at a net £70million, a significant drop considering their relegation from the Premier League two seasons ago.
The club’s accounts for 2011/2012 revealed the owners injected over £32million of their own money to help the club make an immediate return to the Premier League following that relegation, and now they are relying on avoiding the drop in order to benefit from the top-flight’s brand new TV deal that kicks in next season.