Late David Gold, Sullivan and Brady

[Mega Ron]

Around the time of the "protests" they dropped the percentage from 7 per cent to around 4.

[Cuenca 'ammer]

Well UTJ at least my memory didn't fail me completely..

it just cocked the timeline up !!!!!!!




Thanks for clearing it up..............

Although during my research from Pinky's notes it did mention that the fans meeting asked Karren to give up her column which she declined to do...so that part was covered there....

I also seem to remember Sully saying that they couldn't tell her what to do either...

[Wembley1966]

I've been looking as well and can't find it - I do remember that the rate was reduced. Brady published a letter/minutes in response to a subsequent meeting with the various groups that many couldn't attend because of the snow - wasn't it mentioned in there?

There's a brief mention from RWHFG Twitter account about the content of the meeting but no mention of the rate reduction:

From https://twitter.com/realwesthamfans/sta ... 3517612033

[Cuenca 'ammer]

No Wembley couldn't find it..

it wasn't in the first minutes and I can't find anything completely on the second meeting as KUMB didn't make it and I don't think that RWFAG posted anything other than "March canceled."

I even went through the news archives pages and related stuff but still didn't find it.

[Samba]

This originally came up in a bloggers meeting about 18 months ago. I asked Karren why they were charging interest when other clubs' Boards were charging none. That I believe is when she first mentioned that the rate was due to be reduced (or had just been).
Gnome also raised the issue with KB at a later bloggers meeting, that I did not attend.

Wasn't someone (G or S) also quoted as saying that they charged interest because they HAD to legally charge interest?

[BillUp]

saying that they charged interest because they HAD to legally charge interest?

I remember an interview with Gold where he said the reason they both charge interest (not interest free loans) is because they have taken the money out of other projects. These projects were earning them up to 10% interest on their investments. He said even at 7% both Sullivan and himself were losing money loaning it to the club. Because of this they have to charge interest, as the money could be earning them lots more when diverted to other projects.

[ashbanki]

I think the issue with the drop in interest rate was as a direct reaction to the "shitshow" that was the start of last season and the first concerted rumblings of "malcontent" and "keyboard warriory" - Mind you, they did manage to "whisk away" £14m of interest and loan repayment shortly before they made their "magnanimous gesture" !!

[stu1]

A consistent 7% income return is nothing to be complaining about, to make it sound like they’ve been hard done by and only loaned the money out of the goodness of their heart is a joke.

It’s also worth nothing their true return is their income return (7%) + their price return, i.e. the increase in value of the club, which has no doubt been exponential due to the increase in TV revenue.

In short they have made an absolute killing and any money they have ‘put in’ they will get back having made a very tidy return in the meantime.

Doesn’t it just make your heart bleed for them. Then top it off they act as if us fans are too stupid to understand what they are doing.

[chigwells finest]

Doesn’t it just make your heart bleed for them. Then top it off they act as if us fans are too stupid to understand what they are doing

and thats part of the problem gsb , think we are all thick and living in caves

[hadleighhammer]

These projects were earning them up to 10% interest on their investments. He said even at 7% both Sullivan and himself were losing money loaning it to the club. Because of this they have to charge interest, as the money could be earning them lots more when diverted to other projects.

This doesn't in any way mean they have to charge interest. Greed makes them as they see it as a missed profit opportunity now forgetting they will sell the club for a huge profit in the future realising more than a 10% profit.

I also can't think of many projects that guarantee a 10% profit (or even any profit on investment). The old folks home time share salesman may have sold them that it does, but it doesn't mean it will in reality and could in fact make a loss.

No actual supporter would think or do what they have done.

[aaronhammer]

Re the debt interest rate reduction:
https://www.whufc.com/news/club-account ... or-2016-17" onclick="window.open(this.href);return false;

In addition, the interest on the Shareholder loans was reduced to 4.0% from 6-7% from 1 April 2017.

It also mentions on page 41 of the 2017 accounts

The loans from shareholders are unsecured, with interest accruing at 4-6% p.a.

[Exiledin cardiff]

I think this happened just after the summer 2017 transfer window closed, they were getting some flak about not spending, not able to get the players they wanted and the Carvalho affair, Sulli made quite a song and dance about the legal requirement to charge interest. There were more misgivings and suddenly the rate got dropped Brady used it as a PR item trying to deflect away from the poor transfer window.

[ludo22]

I remember an interview with Gold where he said the reason they both charge interest (not interest free loans) is because they have taken the money out of other projects. These projects were earning them up to 10% interest on their investments. He said even at 7% both Sullivan and himself were losing money loaning it to the club. Because of this they have to charge interest, as the money could be earning them lots more when diverted to other projects.

They charge interest on the loans because they borrowed that money in the first place .They have never put a penny of their own money into West Ham.All borrowed and leveraged.

[Hammer.CA]

I've been looking as well and can't find it - I do remember that the rate was reduced. Brady published a letter/minutes in response to a subsequent meeting with the various groups that many couldn't attend because of the snow - wasn't it mentioned in there?

There's a brief mention from RWHFG Twitter account about the content of the meeting but no mention of the rate reduction:

From https://twitter.com/realwesthamfans/sta ... 3517612033

Cruella said that no approach had been made to buy the club and yet 1 of the axis of evil said they'd turned down a bid of £650 million, they couldn't lie straight in bed.

[Croydon]

Just listened to the "interview" on our front page.

Makes me sick. Should have turned off as soon as I heard Jim White. Fraud.

[Jameslegend]

Just listened to the "interview" on our front page.

Makes me sick. Should have turned off as soon as I heard Jim White. Fraud.

I agree. Jim White had his tongue firmly wedged up DG’s backside. Slagging the fans off for not liking the stadium and protesting and generally making us sound ungrateful for everything the fabulous three have done for us. Wound me up listening to it!

[HammerMan2004]

I particularly enjoyed Jim White trying to validate a tweet he'd received. "Why don't you ask the cutting questions about lies?"

"David, have you lied?"
"No"

There you go, listeners. I've done the dirty work. You're welcome, there have been no lies.

[S-H]

I particularly enjoyed Jim White trying to validate a tweet he'd received. "Why don't you ask the cutting questions about lies?"

"David, have you lied?"
"No"

There you go, listeners. I've done the dirty work. You're welcome, there have been no lies.

Yep well done Jim, you ****ing brown nose ****

[EvilC]

Hard-hitting journalism from White.

[TheHandOfDog]

I wish that ****wit would just retire already. He is an insult to proper journalists, he is a silly leech of a man who shows up once a year on sky to do the transfer deadline day shenanigans. The world and it's mother can see that Gold and Sullivan are pisstakers but Jim can't because he is either incompetent as a journo or is being a little rat on purpose to sucker up to millionaires so he can get some free ****.