The sale of West Ham United’s Boleyn Ground will put the club on line to become free of hard debt within the next three years.
That will ensure that owners David Gold and David Sullivan will have delivered on their mission statement of putting the club back on its feet.
The pair took over in 2010 and Sullivan said after a refinancing plan had been put in place that they were confident of the club’s future. It is understood the club currently has a hard debt (money owed to banks0 of around 40 million. With the usual yearly payment of around 5 million and an injection of up to 20 million from the Boleyn funds, the club will be close to clearing up the 110 financial mess Gold and Sullivan inherited.
The club will be left with ‘soft debt’ (shareholders’ loans) but neither Gold or Suulivan are likely to call that in, thus leaving the club in a healthy position. A source told FootballDirectNews.com: “The sale of the Boleyn splits opinion but there’s no question that it eases the club’s position considerably and will free up money to be used on the team over the next two or three years. “
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