By Simon Austin
BBC.co.uk
Ex-Birmingham owners David Sullivan and David Gold have tabled an offer to
buy into West Ham, BBC Sport understands. The duo would take a substantial
shareholding for a nominal fee, promising to invest in the team in January
and offer expertise. They also want the option of buying the club outright
at a later date. West Ham are owned by CB Holding, a company made up of
creditors of Hansa, which was owned by former chairman Bjorgolfur
Gudmundsson.
CB Holding have appointed Rothschild and Standard Bank to try to find a new
owner for the club. "Several parties" have made approaches and are involved
in "an ongoing dialogue" about the possibility of buying the Hammers,
according to a senior board member, but negotiations are still at a fairly
early stage.
Gold and Sullivan sold Birmingham to Hong Kong billionaire Carson Yeung in
October, ending their 16-year tenure at the club. They bought the Blues for
£1 and sold the club for £82m. The duo have a strong affiliation with West
Ham and once owned a 30% stake in the Upton Park club. Gold grew up opposite
the Hammers' east London ground and represented the club as a youth player.
West Ham are currently 17th in the Premier League after being beaten 4-0 at
home by an injury-depleted Manchester United side on Saturday. They face a
significant fixture off the field on Friday, when Straumur, who own a 70%
stake in CB Holding, have a bankruptcy hearing in Reykjavik. Straumur want
to extend the "moratorium" which gives them breathing space from their
creditors. The moratorium is strongly expected to be extended for another
nine months but if it is not, the company would go into liquidation and
their assets, including West Ham, could be sold.
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Buy now, pay later
KUMB.com
Filed: Wednesday, 9th December 2009
By: Staff Writer
A number of sources are claiming that David Gold and David Sullivan have
tabled a bid for a percentage stake in West Ham United. The duo's departure
from Birmingham earlier this season was mostly welcomed by Blues fans
despite Gold and Sullivan having overseen City's return to the Premier
League, before selling their stake in the club to Hong Kong-based
businessman Carson Yeung.
Since then, Gold and Sullivan's interest in West Ham - their local club, and
one with whom they have both been affiliated with in the past - has been
widely leaked whilst several meetings with the club's current owners, CB
Holdings, are reported to have taken place in recent weeks.
Today it was claimed that a firm bid had been made, with terms as previously
leaked; the duo intend to pay a nominal fee for an initial substantial
shareholding with an option to buy the club outright at a later date. The
proposal is thought to include a January transfer budget for Gianfranco Zola
with which to improve his under-stength squad.
Straumur, who hold a 70% stake in CB Holdings continue to insist that there
are a number of parties interested in purchasing West Ham. They find out
this Friday whether or not their request for a moratorium extension will, as
expected, be granted.
Should the application succeed, the extention would allow Straumur - and
therefore CB Holdings - a further nine months in which to provide guarantees
to their creditors, meaning that an imminent sale of West Ham would be
unlikely given the purportedly high asking price.
In the event that the moratorium is not granted, Straumur would almost
certainly be forced to sell any assets immediately - including West Ham
United.
* Since announcing their interest via the News of the World several weeks
ago there is has been no further news regarding a purported bid from the
previously unknown and somewhat elusive Intermarket Group.
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