Owners reveal details of West Ham loan

West Ham's owners David Gold and David Sullivan loaned the club £35million to help ensure their immediate return to the Barclays Premier League.

West Ham vs Swansea: Andy Carroll

The significant figure was revealed in the club's newly-released accounts, which covered the 12 months they were in the npower Championship.

The news comes on the same day Gold revealed the club were close to agreeing their occupancy of the Olympic Stadium - a move described as a "huge financial commitment" in the club's accounts.

"I think we're close," Gold told TalkSPORT.

"It's only what I'm being promised. As we speak I'm being promised 16th March."

Gold stressed that date for an agreement - that would see West Ham move for the 2016/17 season - was not set in stone after late glitches has set the club back before.

"I'm embarrassed because I've tweeted 10 times that it's going to be next week or next month and here's a date," he said.

"The date comes and goes and then I give another date. But I think we are close."

Any move would open new sources of revenue for the club after revealing losses of £25.5m while they were in the second tier.

Turnover during that period, which followed relegation, fell by £34.4m to £46.25m although in his chairman's statement Sullivan said that was "inevitable" following the loss of TV and sponsorship income totalling £26.5m.

Sullivan also revealed his and Gold's £35m loan - £3m of which has been invested this season - was undertaken to fast-track a "three-point strategic plan".

The first stage of that plan was bringing in manager Sam Allardyce before supplying him with their cash investment to build a promotion-winning squad.

"Both myself and my partner David Gold decided to invest our money into achieving promotion and during the season we invested a further £32.2million of our cash in order to allow the manager to go into the transfer market and buy the players we needed to secure promotion," Sullivan wrote.

"During that period we brought or loaned 18 players, most notably Kevin Nolan, Matthew Taylor and Ricardo Vaz Te, investing a total of £17.1m."

Since earning promotion West Ham have spent a further £13m on players, a figure that could rise to £20m, as they pursue the final part of their three-point plan - retaining their top-flight status.

The Hammers sit 12th in the table, nine points from danger, and appear set to achieve that and collect the increased revenues from the renegotiated Premier League TV deal for next season.

That deal will take them into the proposed Olympic Stadium move as discussions with the London Legacy Development Corporation (LLDC) apparently draw to a close.

West Ham was named the 'preferred bidder' in December and talks with the LLDC have since focused on details of the proposed move.

One of the key points has centred on how much West Ham would pay towards conversion costs.

Part of that conversion could see temporary seating erected for West Ham matches to cover the running track - which is set to remain to ensure athletics remains at the venue as part of the 'Olympic legacy'.

Gold hinted a change in the dimensions of the stadium's stands was key to him sanctioning an exit from the Boleyn Ground after 112 years.

"I won't go there if I have to look over a running track," he said.

"There are certain things I can't share with you because of the confidentiality agreement. We will only go there if it is fit for use.

"But I believe we are in a once-in-a-lifetime opportunity. Let's face it. They've built a stadium - albeit wrong shape and size."

Gold also re-confirmed talks with Allardyce over a new deal would only take place at the end of the season.

Despite that he expects Allardyce, whose contract expires in the summer, will remain for next season.

"I'm very optimistic that Sam will be our manager next season. But we have to sit down," he said.

"The agreement with the board was that we would sit down at the end of the season not when we're safe - we are not mathematically safe as we speak."



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