Financial

West Ham's Pay Day Loans with Vibrac Corporation

On Wednesday the Sun carried a small story that was probably missed by most football fans. The unassuming piece explained that West Ham had cleared its existing loan with the mysterious Vibrac Corporation and then immediately took out a new loan which they claimed could be as much as £70 million.

In March this year, Nick Harris from the Daily Mail wrote a story how West Ham had reached an agreement with this offshore lending company in the British Virgin Islands to borrow all £60million of our current season’s Premier League television money in advance.Nick claimed at the time that the revelation that West Ham set up this facility in September last year underlined why West Ham’s owners were at the forefront of campaigners within the League’s 20 clubs to bring in Financial Fair Play spending restrictions on wages this season.

Stories about the Vibrac Corporation are nothing new. Everton borrowed £13 million back in 2011 at a rate of 10% interest and have renewed that facility every year since.
A copy of the Everton mortgage documentation for that transaction filed with companies house can be found here

It is not known who owns the Vibrac corporation but they are based in the same building as BCR Sports, the company through which Robert Earl controls his stake in Everton FC.

In April 2012, a facility was also provided to Southampton by the Vibrac Corporation. Saints fans called for transparency over a mysterious financial document lodged by the club at Companies House at the time.

In April this year, a similar facility was also provided to Fulham to enable the club to borrow against future guaranteed income. However it is claimed this facility was settled early when Shahid Khan purchased Fulham last month.In the Fulham transaction they authorised the Premier League to pay £16million into Vibrac’s account with Barclays. Fulham put up Craven Cottage itself as security for the loan. In the draft mortgage document submitted to Companies House, an accountant named Robert Heppel is named as a witness to Vibrac’s side of the agreement.

So if the Daily Mail & Sun stories about West Ham’s dealings with Vibrac are taken at face value we could have borrowed up to £130 million as ‘pay day loans’ from Vibrac Corporation over 2 years and we could be paying as much as £13 million in interest if the 10% fee from Everton 2011 loan is anything to go by.

If the interest paid by West Ham is anything close to £13 million I see many questions being asked of our board of directors .

All should be made clear soon as WH Holding Ltd will need to submit their financial accounts year ending 31st May 2013. The first loan and any interest paid will need to be declared in those accounts.

Last year’s accounts weren’t published on the companies house website until 28th Feb this year so we have some time to wait before we know the true extent and scale of our mysterious dealing with Vibrac Corporation.

Note from Iain: I’d like to welcome Sean to the site. He will be posting regular articles on the finances of West Ham.


Player Analysis

Fit?


Nostalgia

The Day a Fan Played For West Ham

Steve Davies

Do you remember back in 1994 Harry Redknapp subsitituted Lee Chapman in a pre-season friendly against Oxford City? In his place he picked someone from the crowd – a chap called Steve Davies. Well a journalist from Los Angeles has tracked him down and written a fascinating (and very lengthy article) about the experience. It even includes a short interview with the less than legendary Hammers signing Joey Beachamp, as well as Harry’s own story of the match.

“I slung a leg over the barrier and Harry walked me down the tunnel,” says Steve. “What’s your name, son?” Harry asked, sizing up this apparent hooligan. “I couldn’t believe it. Inside the dressing room, the players were sat down resting at half-time.” West Ham were two-nil up, but the team was carrying injuries. “Then Harry and says, ‘Lee you’re off; Steve you’re on.’”

Chapman, shirtless, just nodded. “I asked him, what size boots are you, son?” Redknapp recalls. The kit manager brought Steve a uniform. “Alvin Martin was sat next to me, and as we stood up, he smacked me on the back of the head, like a little livener. We come on up the tunnel and I still thought Harry was having a laugh with me. I didn’t think I was actually gonna get on, or I thought I might get a minute or two as a joke.” The crowd broke into applause as the teams appeared once again.

Read the full feature article HERE


Match Report

Victories at Espanyol and Colchester Utd!

West Ham Utd squads won excellent victories in yesterday evening’s friendly matches held during the current international break. While the full squad, including a number of U-21 regulars, were in Spain, playing Espanyol, a joint U-21/U-18 squad were taking on Colchester Utd.

In Barcelona, the full squad secured a 0-1 win, characterised by a much improved display of passing, movement and invention.Three qualities decidedly lacking against Stoke City. There were good displays from Adrian, James Tomkins, Mark Noble, Ravel Morrison and Matt Jarvis. Notably, the defensive unit operated effectively, marshalled by the superb Tomkins, and the overall team performance was far more cohesive. While youngsters like Ruddock, Famino, Moncur and Lee all contributed mature and promising performances, which further underlined their potential. The match was won by a Mark Noble penalty, after a Espanyol defender handled a Matt Jarvis cross in to the box.

Meanwhile, in Essex, the U-21 Squad scored a convincing 0-3 win over Colchester Utd. The goals were scored by Burke, Whitehead and Tombides. It was similarly a good all-round team performance and the ‘stand out’ moment was Dylan Tombides beating the Colchester keeper with a great chip. It was a goal of great composure and skill from the Australian U-19 international forward.

So, it was a good evening all round for the club. Unfortunately, it would appear that the prior SSN report that Andy Carroll would be fit for the next match versus Southampton, on 15 September 2013, was premature. The latest rumour is that he may not actually be ready until mid-October 2013 at the earliest. That news, if true, makes the failure of Carlton Cole to prove his fitness, to facilitate a swift return to the club, even more disappointing. So, it appears that the chickens of West Ham’s transfer deadline day failure are flying home to roost! the search continues for a free agent striker, no doubt the manager will be setting up his team to capitalise upon the strengths of the strikers that we do actually have available at the club?

In the meantime, just hope that all of our players on international duty return back to the club unscathed. The last thing that we need is further injuries to key players like Reid, Rat or Collins.

SJ. Chandos.


Parish Notice

Changes to the Commenting System

A few minutes ago we deployed an updated commenting system to the site, which I hope takes into account many of the points you have made to us since the new design was launched nearly a month ago.

We’ve ditched the two stage launching system and the separate page for comments. They now appear on the post page itself, but in reverse order, so the newest comment always appears at the top of the thread rather than at the bottom. They are still in real time but we have now got rid of the annoying judder which took you to wherever the latest comment appeared.

Here’s a summary of what’s changed and how to get the best out of the site…

1. Comments are now sorted newest at the top. Nested replies are still sorted newest at the bottom.

2. Only shows the newest 20 root comments (plus replies) by default, so the page should feel snappier, especially on mobiles and tablets. There is a button at the bottom to load additional batches of 20 etc…

3. Mobile optimisation – comments should now be perfectly accessible whether you’re using desktop/laptop, tablet or phone.

4. No more page jump – new comments are inserted into the page in realtime but if the position of the comment would be out of your current viewport, they are inserted as hidden and are only slid into view when you actually scroll to them.

5. Live notifications ‘tray’ in the bottom right hand corner – any comments which are inserted out of your current viewport (i.e. which you otherwise wouldn’t know about) will auto appear in the little tray in the bottom right corner of the screen (excluding mobile). It will show an excerpt of each new/unread comment. Click a comment and you’ll auto scroll to it, thereby sliding it into view and removing from the drawer.

So you can safely leave the thread open during the match, go away and come back and not miss anything!

Let us know of any teething problems please.


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