(Credit: Imago/talkSPORT)

Jacob Raw

Thu 12 March 2026 17:10, UK

West Ham‘s financial situation has been getting worse over the years.

The Hammers are at risk of Premier League relegation, with David Sullivan and Co. fully aware of the implications that would follow from a drop to the Championship.

The London Stadium would be a heavy debt that the Irons would have to pay off, with crowd attendances predicted to tumble in the even of relegation.

That’s not to say Sullivan hasn’t thrown the cheque book at it for West Ham recently, as seen through a big expenditure in the winter transfer window.

However, West Ham’s pre-tax loss report of £104million has only further highlighted the danger that the Hammers find themselves in, as Kieran Maguire looks into their latest borrowing.

Kieran Maguire suggests West Ham could be charged 10% interest on £124m loan

West Ham borrowed £124m from lending company Rights Media and Funding Limited, as revealed on Companies House last week, following the pre-tax loss report.

The Hammers have likely done this to improve their own cash-flow situation, but regardless, it will obviously concern some supporters.

• Everton also took a loan with Rights and Media Funding Limited
• They almost went bankrupt shortly after

While speaking on The Price of Football podcast, football finance expert Maguire looked further into West Ham’s loan and Rights and Media Funding Limited’s background.

Maguire said: “That number [£104m] had been leaked, I had it on my TomTom drums coming through the WhatsApp groups for a period of time. I was wondering how they are going to fund those losses going forward.

“If you go to Companies House and download their accounts [Rights Media and Funding], you find some things which are intriguing. It’s not based in a financial hotspot, it has zero employees, and its assets consist of a bit of furniture, a few computers, and a debt book.

“It’s borrowed just over £300m, and it’s lent around £290m, now it’s lending £124m to West Ham. Rights and Media funding will lend to you when Santander and Lloyds say ‘we’re not going to do it’ and they charge an appropriate interest rate.

“I think Everton were charged 10 per cent interest.”

The scenario where David Sullivan sells West Ham for cut-price deal

There are just nine Premier League matches for the Hammers to play in a bid to cement their status in the top flight.

The Irons currently sit one point off Tottenham Hotspur, who are in 16th place on 29 points, while Nuno’s side are also level with Nottingham Forest on 28.

If relegation does happen, these loans may not be able to paid back with a lack of Premier League income going into the pockets of Sullivan.

The long-serving West Ham owner may have no other option but to put the Hammers up for sale to stop his losses, and it could be at a cut-price deal given the debts that would need to be paid off.

Regardless, the new information suggests that West Ham will have to pay some figure of interest on top of the £124m, which isn’t theirs, asking further questions about Sullivan and Co.’s decision-making.

Let’s just hope it pays off in the end.