West Ham have received an extension on their debt repayments till Sept 2010 according to reports on the weekend. It is good news for the relegation threatened club as it is a 9 month reprieve they can use to stabilize ownership in the club and in the league.
I don’t think it is a coincidence that this agreement with Straumur-Burdaras Investment Bank, current interim owner of the club, comes on the tails of a £42m bid for the club from David Gold and David Sullivan. In fact I wouldn’t be surprised if the bank was waiting for such an indication of interest before agreeing to the delay of the repayment. With what, at this point, seems like a somewhat rich bid coming in for the club the creditors probably smell more money in the air and are hoping for a rival buyer to step in.
I am not completely sure what West Ham’s financial situation (specifically in terms of debt) will be like after the bank sells them on. When I can find information about the workout the bank is agreeing to I will do a posting about it.