KUMB.com
Filed: Tuesday, 19th January 2010
By: Staff Writer
David Gold & David Sullivan are expected to be confirmed as the new joint
owners of West Ham United, finally ending months of speculation. Reports
tonight suggests that the deal is on the verge of being rubber-stamped with
a formal statement set to confirm the change of ownership to follow later
this morning (Tuesday) - although the Intermarket-led consortium still claim
to be in the running. Although details of the deal remain sketchy at present
it is thought that Gold & Sullivan would, as previously reported, take a
majority 51% stake in the club, leaving CB Holding with the remaining 49% -
a situation that has not exactly been welcomed by supporters desperate to
see the end of the Icelandic influence that briefly threatened the club's
very existence. However with the former Birmingham City owners holding the
majority share they would have full control of the club and it's finances -
and hopefully a January transfer budget for Gianfranco Zola with which to
boost his under-strength squad. Zola, who has become increasingly
disillusioned with life at the club in recent months is set to remain as the
club's manager under Gold & Sullivan - despite earlier reports to the
contrary. The Italian is thought to have preferred Malaysian businessman
Tony Fernandes' bid - the pair met on several occasions in recent weeks -
but will also be relieved that former colleague Massimo Cellino failed with
his eleventh-hour offer. Zola would almost have certainly left the club had
Cellino won the day. Current CEO Scott Duxbury, who has held the fort almost
single-handedly as West Ham lurched from one disaster to another in recent
months is set to be replaced by Karren Brady, who worked alongside Gold &
Sullivan at Birmingham for several years. It is unknown at this stage
whether Duxbury would be handed another post by the new owners or simply
dismissed. Nick Igoe, the club's long-standing Finance Director is also
thought to be under threat, as is Gianluca Nani - whilst current
non-executive Chairman Andrew Bernhardt is likely to remain on the club's
board in some capacity.
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Fernandes confirms withdrawal
KUMB.com
Filed: Monday, 18th January 2010
By: Staff Writer
Tony Fernandes has confirmed that he is out of the running to buy West Ham.
Fernandes, speaking via his Twitter page tonight - conceded defeat following
days of negotiations, as revealed exclusively here on KUMB.com yesterday
morning. "Deal lost on West Ham," read his latest post, published at 11:40pm
on Monday evening. "Hopefully new owners protect what's good. We gave
awesome deal and new ideas to rejuvenate a club and bring excitement."
News of Fernandes' withdrawal leaves David Gold & David Sullivan as clear
favourites to win the race; they are expected to be confirmed as winners
shortly. Even still, Intermarket representative David Byrne remained bullish
about his consortium's chances when speaking to Sky Sports tonight. When
asked about Intermarket's apparently diminishing chances, Byrne reiterated
that he believed his group remained the "preferred bidder" - although most
reports emerging tonight suggest otherwise. Meanwhile an unnamed spokesman
for Gold & Sullivan sought to calm fears of the rumoured imminent departure
of Gianfranco Zola should they win through, as expected. Speculation earlier
in the day had suggested that should the former Birmingham City owners
complete the deal Zola would be immediately replaced by former Manchester
City boss Mark Hughes.
Not so, according to the 'insider' who said: "They would look upon Zola as a
totally unproven manager, but would want to give him some time to show them
what he can do or can't do. "Remember they sacked only two managers in 17
years at Birmingham."
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Bumper year for Brady
KUMB.com
Filed: Tuesday, 19th January 2010
By: Staff Writer
Karren Brady is set to be confirmed as West Ham United's new Chairman,
according to reports - just months after landing a £1million severance
package from her new employers. 40-year-old Brady, who spent 16 years at
Birmingham City received a severance package worth in excess of seven
figures from David Gold and David Sullivan when parting company with the
Blues last October. According to the Mirror, Brady received a year's salary
worth £179,372, a one-off bonus of £520,000 plus a bonus of £260,00 due to
Birmingham's participation in the Premier League this season.
Additionally she was given 'use of an executive box for 12 months including
cost of all food,drink and parking', 'two tickets in the directors' box for
each Birmingham away fixture for six months plus parking', 'use of a mobile
telephone at Birmingham City's cost for a period of 12 months' plus 'private
health insurance for herself and family'.
Should Brady - who is due to line up alongside Alan Sugar as his sidekick in
the new series of TV show the Apprentice - be confirmed as a new appointment
tomorrow, just three months after leaving the Midlands club, she can expect
to pick up a salary in excess of that which she earned at Birmingham - plus
a number of perks similar to those which she had previously enjoyed. The
mother-of-two also writes a column for the Sun, although it is unknown at
this stage whether she would continue that should she land the Hammers role,
as expected. It is a medium through which she has often been critical of
West Ham in the past; as recently as October 2009 Brady referred to Hammers
fans as 'disgraceful' for their part in the crowd disturbances that briefly
interrupted the Carling Cup clash with Millwall earlier this season. Three
years ago, when Birmingham sold Matthew Upson to West Ham for £6million
Brady said that she felt she had been 'mugged' by the Hammers, whilst adding
a stinging rebuke of the current Hammers club captain.
Writing in her column on 2nd February 2007, Brady, who referred to Upson as
'the hangdog player', added that West Ham 'aren't top four material or
anything like it', continuing 'I wish Matthew well at Upton Park and I'll
give him a wave if we pass them by', referring to United's position as
relegation favourites at the time of writing. Ironically Upson, who has 15
months of his current contract at West Ham remaining has been cited as the
one player most likely to leave the club in the January transfer window.
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David Sullivan wins battle to take control of West Ham United
David Sullivan won the battle to take control of West Ham United on Monday
night in a deal that values the club, including its debts, at £105 million.
Telegraph.co.uk
By Jason Burt
Published: 6:30AM GMT 19 Jan 2010
David Sullivan has claimed a 50 per cent stake in West Ham United after
holding off a rival bid from Air Asia chief executive Tony Fernandes .A deal
was agreed shortly before 10.30pm after the Malaysian entrepreneur Tony
Fernandes was unable to secure 100 per cent ownership, something he had
desperately fought to achieve, and conceded defeat.
Sullivan has taken a 50 per cent stake with the rest of the club remaining
in the control of the Icelandic bank Straumur – something that Fernandes had
decided he could not agree to.
Sport on television The two businessmen had been neck-and-neck throughout
the day as detailed negotiations continued with CB Holding, the company that
owns West Ham. Sullivan, the former co-owner of Birmingham City, eventually
came out on top.
Attention will now turn to the future of West Ham manager Gianfranco Zola.
Sullivan has already twice sounded out Mark Hughes about succeeding Zola,
but the former Manchester City manager is unsure that it is the right move
for him until he is given more details over the club's future and the funds
that will be made available.
It means that Sullivan may give Zola and assistant Steve Clarke the
opportunity to prove themselves until the end of the season, although that
will now be discussed. "No decision has been taken on the manager," one
source said.
However Hughes is also wanted by the Turkish federation as the new coach of
their national team and is on a shortlist with Guus Hiddink and Giovanni
Trapattoni, the current coach of the Republic of Ireland.
Zola is understood to be deeply concerned about his future and whether or
not Sullivan and David Gold - who is also involved in the successful bid and
is also likely to join the board along with Karren Brady, who will become a
part-time vice-chairman - will back his vision for the club and the coaching
of young players.
No details of the financial deal that Sullivan has struck with CB Holding
have been revealed. Although he will take a 50 per cent stake, it is thought
he will also be given a controlling interest.
Some of the investment will go to the consortium of creditors owed money
after the collapse of the business empire of Icelandic tycoon Bjorgolfur
Gudmundsson, but a portion of it will also be guaranteed on buying some
players and wiping out a part of the £38 million of debt, some of which is
also owed to the same banks who are creditors.
Sullivan and Gold sold Birmingham last year for £82 million, having bought
it for £1 16 years ago and made no secret of the fact that they wanted to
return to football and buy West Ham. They were early frontrunners to take
control, although they annoyed CB Holding and West Ham chairman Andrew
Bernhardt by painting a picture of a club in meltdown.
At the same time Fernandes, like Sullivan and Gold a lifelong West Ham fan,
was putting together his own bid and hoped to secure a complete buy-out of
the club. He held talks with Bernhardt before Christmas, and even believed
he had shaken hands on a deal.
Fernandes flew into London last week and it looked like he would be able to
complete the buy-out. Indeed at one stage on Friday evening he and the
negotiators for the banks who had to agree to the sale were just £3 million
apart in their valuation of the deal.
A deadline was set by Fernandes of midnight on Saturday for Bernhardt to
relent, after the Air Asia chief executive grew frustrated, but he did not.
Fernandes then revived talks on Sunday but, according to sources close to
him, the valuation on the club and taking complete control had changed so
the two sides were now £10 million apart.
However he persisted with the talks and they continued into yesterday
evening with one source claiming it was "50/50" in a race between Fernandes
and Sullivan to complete, with the latter eventually winning. According to
one source, Sullivan was always regarded as the "fall-back" option if
Fernandes failed.
West Ham supporters will be hugely relieved that the future ownership of the
club has been finally decided – there were two more expressions of interest,
one from the so-called Intermarket Group and another from the Italian
industrialist Massimo Cellino – but they may be concerned that the Icelandic
involvement and that of the finance house, Straumur, the main shareholder in
CB Holding, does not appear to have ended.
Brady, the former Birmingham managing director, is expected to work two days
a week at West Ham – she has indicated she does not want a full-time job -
alongside the current chief executive, Scott Duxbury, and finance director
Nick Igoe.
Sullivan will now have less than two weeks to decide whether or not to buy
in the January transfer market and to look to strengthen the squad with the
team hovering just above the relegation places.
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David Sullivan and David Gold set to take control of West Ham
Duo expected to take 50% stake in the club
'Deal lost on West Ham' says Tony Fernandes
Jon Brodkin guardian.co.uk, Tuesday 19 January 2010
David Sullivan and David Gold look set to take over at West Ham United after
the Malaysian businessman Tony Fernandes said last night that he had failed
in his efforts to buy the Premier League club. Sullivan and Gold, the former
Birmingham City co-owners, are expected to be confirmed as the owners at
Upton Park today. The investment group Intermarket was last night attempting
to persuade West Ham's owners that it has a more compelling case to be
handed control but the Sullivan-Gold bid appeared to have won after a
drawn-out process. Fernandes said on Twitter that his efforts to buy the
club had not succeeded. "Deal lost on west ham," the chief executive of Air
Asia wrote. "Hopefully new owners protect what's good. We gave awesome deal
and new ideas to rejuvenate a club and bring excitment [sic]."
Sullivan and Gold had hoped to have taken charge of West Ham by now. One of
their offers to Rothschild, the bank appointed in October to find new
owners, proposed buying 100% of the club but they are understood to have
succeeded with an arrangement under which they will take a 50% stake but
have authority over the running of affairs. CB Holdings – the company formed
by creditors and headed by the Icelandic bank Straumur which runs West Ham –
is expected to have a 50% share. Sullivan and Gold have said that they will
service the short-term debt and make money available for signings this month
in an effort to ensure that the team, managed by Gianfranco Zola, stay in
the Premier League. Zola's job is not believed to be under immediate threat.
There is likely to be a role in a Sullivan-Gold set-up at West Ham for
Karren Brady, who worked as their managing director at Birmingham. She is
being tipped to take a job as vice-chairman. Sullivan and Gold, who are West
Ham supporters, faced competition not only from Fernandes and Intermarket
but also from the Italian businessman Massimo Cellino, the president of
Cagliari.
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West Ham Sold to Sullivan
West Ham Till I Die
News has just broken that West Ham have been sold to David Sullivan. It is
thought that Karren Brady will become West Ham's new chairman, which is
likely to mean a hasty exit for the existing management team led by Scott
Duxbury.
I have very mixed feelings. I have made no secret that Sullivan was not my
preferred bidder, but the deal is now done. There's no point in thinking
what might have been, let's look to the future. And at least we have a
future.
I just hope that David Sullivan has the money to invest in the club to take
us to the next stage, and also that he and Brady will keep faith with
Gianfranco Zola. There were rumours that they want to bring back Alan
Curbishley. I am sure they were just rumours, but the last thing the club
needs now is the instability provided by a managerial change.
It is now up to David Sullivan to prove himself to us. I'm going to try to
banish any negative thoughts but it isn't going to be easy.
Good night.
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David Sullivan and David Gold complete £105million takeover at West Ham
By Simon Cass
Last updated at 5:27 AM on 19th January 2010
Daily Mail
The protracted West Ham ownership saga was concluded on Monday night after
David Sullivan and David Gold finally pushed through their takeover. The
pair have sealed a deal worth £105million for 50 per cent of the club and
will take on their debts. Manager Gianfranco Zola will be given a chance to
prove himself to the former Birmingham City owners, who have promised to
invest in the squad before the end of the month. Strengthening West Ham's
threadbare attack is the priority and money is available immediately to fund
moves for Manchester City's Benjani and Monaco's Eidur Gudjohnsen. Sullivan
and Gold will also push ahead with plans to relocate from Upton Park to the
Olympic Stadium after the London Games in 2012. Key to the relocation plans
is the appointment of Karren Brady (right) as vice-chairman. Sullivan will
assume the role of chairman and Gold is expected to take a seat on the
board. The deal was struck late last night after a day of tense
negotiations. Malaysian businessman Tony Fernades is understood to have run
Sullivan and Gold the closest, although the InterMarket consortium also
spent the day in talks with West Ham's corporate brokers Rothschild.
However, Sullivan and Gold appear to have been the most serious bidders all
the way through the complex process and were the first to put hard cash on
the table. The news that his job is safe will come as a major relief to
Zola, as former Manchester City manager Mark Hughes had been hotly tipped as
the man the new owners wanted to revive West Ham's fortunes. Such was the
level of speculation about Zola's future on Monday that bookmakers stopped
taking bets on him becoming the next Barclays Premier League manager to lose
his job. But now the uncertainty has been resolved, Zola has an opportunity
to concentrate on ensuring West Ham's Premier League status. They are
currently in 16th place.
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Still nothing on WHUFC.com
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