West Ham going bust

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Heysel76
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West Ham going bust

Post by Heysel76 » Fri Jan 24, 2020 5:06 pm

Theoretical question, which might be ridiculous, but i don't know, so i'll ask....
As we seem to be skint & all our assets have either been liquidated or used as collateral for loans.
What happens if we go bust & how badly would it affect the Daves, bearing in mind that they are creditors?
It just seems to me, that they are winding it down!
Delete if necessary mods.

Gsbgsb
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Re: West Ham going bust

Post by Gsbgsb » Fri Jan 24, 2020 5:47 pm

For as long as we are in the Premier there is very little risk of WH going bust. The wages to income is at about 60% which is fine. There are very few loans to “outside” creditors and one can only assume they have been paying their taxes etc.

The real issue is relegation. Within 2 years absent promotion WH would have to trim probably £60m+ off the wage bill with more likely to have to follow the longer any absence from the Premier persisted.

Pretty much anyone significant in the current first team squad is likely to be gone by then. Thing is you are likely to get little more than 60% of their true value as teams know you need to sell to raise cash, save wages and the players are likely to be angling for a move.

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Heysel76
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Re: West Ham going bust

Post by Heysel76 » Fri Jan 24, 2020 5:55 pm

Is it not the case that the training ground & all other properties owned or leased by WH have been put up as security on outside loans?

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e17
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Re: West Ham going bust

Post by e17 » Fri Jan 24, 2020 5:59 pm

Heysel76 wrote:
Fri Jan 24, 2020 5:06 pm
It just seems to me, that they are winding it down!
Why?

The Sky money, the money saved from selling and not replacing, the bargain basement stadium deal, the interest on loans

How in anyway does it look like they’re winding down?!? :?

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S-H
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Re: West Ham going bust

Post by S-H » Fri Jan 24, 2020 6:05 pm

Winding it down? The bastards on the wind up, more like.

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Heysel76
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Re: West Ham going bust

Post by Heysel76 » Fri Jan 24, 2020 6:08 pm

When i say "winding down", i mean putting the bare minimum in & extracting the maximum.
It was probably a daft question, but it's hard to tell what these parasites are up to?

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e17
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Re: West Ham going bust

Post by e17 » Fri Jan 24, 2020 6:13 pm

Heysel76 wrote:
Fri Jan 24, 2020 6:08 pm
When i say "winding down", i mean putting the bare minimum in & extracting the maximum.
Ironically what they’ve been doing since the day’s of publishing Playbirds and Whitehouse

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Mega Ron
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Re: West Ham going bust

Post by Mega Ron » Fri Jan 24, 2020 6:14 pm

Heysel76 wrote:
Fri Jan 24, 2020 6:08 pm
When i say "winding down", i mean putting the bare minimum in & extracting the maximum.
It was probably a daft question, but it's hard to tell what these parasites are up to?
They want all of their loans repaid by the magic 2023 date.

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Heysel76
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Re: West Ham going bust

Post by Heysel76 » Fri Jan 24, 2020 6:17 pm

When the penalties for selling end?

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Wembley1966
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Re: West Ham going bust

Post by Wembley1966 » Fri Jan 24, 2020 6:23 pm

Heysel76 wrote:
Fri Jan 24, 2020 5:55 pm
Is it not the case that the training ground & all other properties owned or leased by WH have been put up as security on outside loans?
Having the loans is no different from most other Premier League clubs that take out loans during the season that get repaid at the end of the season when the TV money gets distributed. If a loan is taken out with an FCA regulated lender, then the Premier League will be party to the loan agreement and pay off the outstanding loan directly. West Ham chose to use Rights and Media Funding Limited which is not FCA regulated, so they use properties and the lease on the Stadium as security. As soon as the TV money comes in, the loans get repaid.

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Re: West Ham going bust

Post by Eggs'n'nuts » Fri Jan 24, 2020 6:35 pm

Mega Ron wrote:
Fri Jan 24, 2020 6:14 pm
They want all of their loans repaid by the magic 2023 date.
Wasn't this one of the many promises made; Debt free by the time we moved to The Olympic Stadium?

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Heysel76
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Re: West Ham going bust

Post by Heysel76 » Fri Jan 24, 2020 6:37 pm

I think the loans referred to are repayable with interest to the Daves?

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Re: West Ham going bust

Post by Paolo's Piranhas » Fri Jan 24, 2020 6:41 pm

Heysel76 wrote:
Fri Jan 24, 2020 6:08 pm
When i say "winding down", i mean putting the bare minimum in & extracting the maximum.
It was probably a daft question, but it's hard to tell what these parasites are up to?
I've had the same feeling the last couple of windows. It's all very reminiscent of a company an ex-girlfriend worked for. They were 'invested in' by a large American company, to inject funds to 'take them to the next level'. Within a matter of months, they'd sold off their premises, forced out most of their long-standing staff, and left the survivors to do three or four people's jobs each, too terrified of the sack to complain. Within a year to eighteen months, there was nothing left but a rented office and a trading name.

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Re: West Ham going bust

Post by Paolo's Piranhas » Fri Jan 24, 2020 6:43 pm

Eggs'n'nuts wrote:
Fri Jan 24, 2020 6:35 pm
Wasn't this one of the many promises made; Debt free by the time we moved to The Olympic Stadium?
I think it was a legal stipulation that we had to be free of 'exterior' debt before we moved in. So the Dave's, big-hearted West Ham fans that they are, took it upon themselves to being it in-house .. at a very favourable interest rate.

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Re: West Ham going bust

Post by peter49uk » Fri Jan 24, 2020 6:46 pm

When in comes to ££££££ they are poultices

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Re: West Ham going bust

Post by Eggs'n'nuts » Fri Jan 24, 2020 6:47 pm

Paolo's Piranhas wrote:
Fri Jan 24, 2020 6:43 pm
I think it was a legal stipulation that we had to be free of 'exterior' debt before we moved in. So the Dave's, big-hearted West Ham fans that they are, took it upon themselves to being it in-house .. at a very favourable interest rate.
Fair enough.

We're so lucky they "saved" us. :thdn:

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Re: West Ham going bust

Post by BondsoBob » Fri Jan 24, 2020 7:43 pm

Go into administration! Five years later we'll win the league title then everyone will be creaming themselves over the 'West Ham' model. :asleep:

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Re: West Ham going bust

Post by BondsoBob » Fri Jan 24, 2020 7:44 pm

Nb just like the current darlings. Leicester.

Cellar-door
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Re: West Ham going bust

Post by Cellar-door » Fri Jan 24, 2020 9:09 pm

Heysel76 wrote:
Fri Jan 24, 2020 5:06 pm
Theoretical question, which might be ridiculous, but i don't know, so i'll ask....
As we seem to be skint & all our assets have either been liquidated or used as collateral for loans.
What happens if we go bust & how badly would it affect the Daves, bearing in mind that they are creditors?
It just seems to me, that they are winding it down!
Delete if necessary mods.
I'm not sure what you mean by all of our assets. The valuable part of a PL club isn't any land or stadium they own, it's the intellectual property of the name and logo, the share of league television revenue, the place in the league, any contracts (ie. both the rights to the services of the players, and things like logo rights etc.) In our case a major asset is the right to play matches in the Bowl at a set rate that is very low.

I don't know what you mean by going bust. We don't appear to have a significant amount of external debt, and our internal operating margins look fine. It's one of the ways GSB has protected themselves. This isn't like the Icelandic owners(or current Everton), where they operated at a loss and the sudden loss of their personal wealth meant the team had to be sold, and even then a buyer was found quite quickly. The only way we might "go bust" is if we were relegated 2-3 times in quick succession, even then it's unlikely/

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Heysel76
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Re: West Ham going bust

Post by Heysel76 » Fri Jan 24, 2020 10:37 pm

Cellar-door wrote:
Fri Jan 24, 2020 9:09 pm
In our case a major asset is the right to play matches in the Bowl at a set rate that is very low.
As i understand it, even our lease on the bowl has been used a surety for a loan.
It's only a question, nothing would ever surprise me with West Ham & GSB :thdn:

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