WHUFC.com
David Gold and David Sullivan are delighted to be in charge at the Boleyn
Ground
19.01.2010
David Gold and David Sullivan have spoken of the "exciting experience" of
taking charge of West Ham United. The joint chairmen of the club were
speaking at a specially arranged media conference at the Boleyn Ground on
Tuesday morning after concluding the deal overnight. Mr Sullivan said: "It's
going to take time to sink in. We've been wanting to sit here for 20 years
and together we owned 27 per cent of the club 22 years ago and it's taken us
22 years to get to where want to be. "I'm still in a bit of shock. It's been
a tough few weeks of negotiations. We competed with two other very serious
bidders and unbeknown to us, right up until eleven last night we thought we
were going to get the club and the other two parties thought they were going
to get the club. "Both me and David are supporters, I went to university
here and I lived in Hornchurch. David lived 50 yards from the ground for 20
years of his life and played for West Ham's youth team. We just want to be
here where we've always wanted to be. There is no other club we would want
to be at so for us we have come home and that's what it's all about."
Mr Gold added: "That's what we've done, come home. I received a call from
David last night at 12. It almost takes me back to when I was a young boy
playing for West Ham Boys when I was 15 and we were playing East Ham at the
Boleyn Ground. "It is a very exciting experience for David and I and we've
dreamt of this for many years and we felt this would never happen. When we
missed out on this 22 years ago we thought the opportunity was gone forever.
It's amazing and here we are today."
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David Sullivan admits West Ham buy-out 'makes no commercial sense'
New West Ham owner David Sullivan has said that buying the club makes little
commercial sense but that he and co-chairman David Gold will seek extra
investment to improve the squad and push to move to London's Olympic
Stadium.
Telegraph.co.uk
By Steve Wilson and agencies
Published: 1:17PM GMT 19 Jan 2010
David Sullivan and David Gold have taken over at West Ham with assurances
they will not now need to sell players to cover debt .After the pair sold
their interest in Birmingham City last year, Sullivan has now taken a 50 per
cent stake in West Ham, with Icelandic bank Straumur holding the remaining
half. The first imperative is to guarantee survival in the Premier League
and prevent the club's best players being sold, something Sullivan claims
his initial injection of capital will achieve. France's Alain Bernard wins
battle of record breakers for 100m freestyle goldThe club are, according to
Sullivan, in debt to the tune of more than £100m and he will seek further
investment to manage that figure and take the club forward. Sullivan has an
option to buy the remaining 50 per cent of the club at a set price at any
point over the next four years. ''We wouldn't buy this club at all if this
wasn't West Ham," he said. "It makes no commercial sense for anyone to buy
this club and it's amazing that two other people wanted to buy it. ''One is
another West Ham supporter (Tony Fernandes) and the Italian (Massimo
Cellino), I'm not quite sure if he looked at the books properly, but if he
looked at the books he might have walked away. ''We've paid down some of the
debt and injected some working capital but there's still more than £100
million of debt. ''In that there's £50m owed to banks, there's £40m owed to
other clubs. There's not a penny to come in, they (the previous owners) have
borrowed against the next two years of season-ticket money. The sponsors
have paid 70 per cent of their three-years up front. ''In addition there's
the club's settlement to (former manager) Alan Curbishley, so the real debt
is about £110m.''
The new ownership team revealed their involvement has averted the need to
raise £20m in the next two transfer windows to keep the club afloat – £8m in
January and £12m in the summer. Gold said: "The first thing we needed to do
was not to bring in new players, the first thing was to make sure no players
left. Up until a month ago you constantly read and saw on TV that the
current owners would have to sell their best players to stay in business.
"We can reassure fans who were terrified that they were going to lose two or
three of the best players that that is now not going to happen."
Sullivan believes the club's future would be brighter if they could move to
the Olympics stadium in east London after the Games in 2012, but admitted
they would have to reach some kind of compromise over the running track. "I
don't think running tracks work, particularly behind the goal," said
Sullivan. "The customers are so far back it doesn't work.
"We don't want to buy (the Olympic Stadium), we want to rent it. The
Government promised to keep it alive for 30 years, it's going to cost them
more to keep it alive. With us it's going to cost them nothing – we would
pay all the running costs."
Sullivan takes over a club in a perilous state but he reamins confident that
with the help of other investors the club he has supported since his
childhood can prosper again.
"We own 50 per cent of the club but I have an option on the other 50. I
would share that with David but I would like to have four or five West Ham
supporters with lots of money to come in," he said. "The debts here are so
large that most Englishmen can't carry them so we would like to share them
with others and help take West Ham to the next level. "The bank Straumur own
the other 50 per cent right now and my option to buy is for anytime in the
next four years. "Our preferred option is that we find other people who want
five or 10 per cent and we will go to Tony Fernandes, who was one of the
others interested in buying the club. "If you imagine a government of
national unity in national crisis this is the board equivalent and we want
people to come in and help dig the club out of that. "Every stone you turn
is a negative to the cash flow of the club and viability of the club. "They
(the previous owners) have done a fantastic job of keeping the club alive
but the cost is we are taking over an incredibly bad situation. However, we
will sort it out because we are good at it."
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U18s move forward
WHUFC.com
Robert Hall and Cristian Montano were on target as West Ham United reached
the FA Youth Cup fifth round
19.01.2010
Forwards Robert Hall and Cristian Montano were the stars of the show as West
Ham United Under-18s moved into the FA Youth Cup fifth round with a 3-0
victory over Queens Park Rangers. England U17 striker Hall scored a
stupendous goal and made another for Montano, who scored twice, as Tony
Carr's Hammers eased past their cross-London rivals at the Boleyn Ground.
Tuesday's win saw Tony Carr's side reached the last 16 for the first time
since getting to the quarter-finals in 2004/05. Having fallen at the first
hurdle in each of the last two seasons, West Ham will now host Newcastle
United for a place in the last eight. Montano's 20th-minute opener was
football played the 'West Ham way' from start to finish. George Moncur,
Nicky Barrett and Filip Modelski showed great composure to play the ball out
from the back before working possession to Ahmed Abdulla. As Hall drew the
R's defenders with a clever decoy run, the Saudi Arabian found Montano with
a fine through ball and, after taking a neat first touch, the Colombia-born
forward slotted the ball past goalkeeper Jon Miles.
The second was exclusively down to Hall, who curled an unstoppable free-kick
into the top corner from the tightest of angles two minutes before the
break. Like Montano's first, it was the 16-year-old's sixth goal of the
season. Hall was again the architect for Montano's seventh of the campaign.
The Aylesbury-born frontman rolled a low cross for the 18-year-old, who
faced Arsenal reserves and Sol Campbell at the same venue a week ago, to
complete the scoring 14 minutes from time. Before Montano's opener, however,
the Football League Youth Alliance South East Conference title-chasers had
been the better side, harrying their opponents and forcing the home
defenders into a succession of rushed clearances.
Midfielder Sam Bewick should have given the R's the lead, racing past two
challenges, only for Peter Loveday to make a fine save with his legs.
Moments later, Montano would show him how it should be done. Having scored
once, Montano could have doubled his tally almost immediately, only to lash
a volley high into the Sir Trevor Brooking Stand from 12 yards when it
looked easier to score.
With the hosts' confidence visibly rising with every minute that went past,
Abdulla was next to go close, forcing Miles into a low diving stop following
impressive build-up play down the left involving Eoin Wearen and Hall. QPR
were far from a spent force, however, and only a desperate block from Paco
Craig prevented Javonne Molloy from capitalising on a mis-directed punch
from Loveday. It was West Ham who carried the greater threat though and, two
minutes before the break, the pressure finally paid off. The bright
yellow-booted Hall added to his already burgeoning reputation with an
unstoppable second before celebrating with some nifty dance moves with his
team-mates. West Ham continued to play the better football after the break,
but it was QPR who created the better chances. First, Loveday had to be
alert to hold onto a snap-shot from Antonio German, then the same player
could only prod straight at the goalkeeper when well-placed six yards out.
Hall was not to be outshone by the R's striker, however, stinging Miles's
fingertips with another well-struck effort before Sergio Sanchez was denied
what looked like a certain goal by a miraculous last-ditch block.
It would not be long before the Hammers added a third, though, and when it
did arrive it was yet another impressive goal from start to finish. Montano
and Hall combined yet again, with the Colombian playing the ball out to his
partner before romping into the penalty area to slot in the youngster's
inch-perfect centre. The visitors threw players forward in a desperate
attempt to salvage something from the tie, only to find Loveday in
unbeatable form as he beat aside a powerful shot from substitute Christian
Nanetti.
Hall produced one last moment of magic, skipping past two defenders before
feeding substitute Danny Purdy. The Republic of Ireland U17 forward found
fellow Irishman Wearen, only for Miles to make a smart one-handed save. The
R's night got even worse in added-time when defender Danny Bailey was shown
a second yellow card and sent-off for a mis-timed tackle on rampaging
captain Jordan Brown. All in all, Carr's side dealt with what could have
been a difficult test with relative ease. Having lost just two of their last
12 matches in league and cup, the Hammers will go into Saturday's FA Premier
Academy League trip to Chelsea, and the fifth-round visit of Newcastle,
brimming with confidence.
West Ham United: Loveday, Modelski (McNaughton 79), Craig, Sanchez, Brown,
Barrett (Turgott 70), Moncur, Wearen, Abdulla, Montano (Purdy 76), Hall
Subs not used: Cowler, Driver
Queens Park Rangers: Miles, Harriman, Waters, Ehmer, Bailey, Olley, Bewick,
Sutherland (Doherty 74), Cox (Graham 83), German, Molloy (Nanetti 62)
Subs not used: Middleton, Parmenter
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Sullivan reveals scale of West Ham's financial problems
BBC.co.uk
West Ham's new owner David Sullivan has revealed the club is £110m in debt
as it battles for Premier League survival. Former Birmingham owners Sullivan
and David Gold now control the Hammers after buying a 50% shareholding. "It
makes no commercial sense to buy this club," said Sullivan after laying out
the scale of West Ham's borrowing. "If there was any other club in this
situation, then we would not be buying it. We bought this as supporters, not
from a business point of view." CB Holdings, who retain the other 50%
shareholding, had said the club had debts of £38m, but Sullivan claimed the
figure was nearer £110m. "In simplistic terms, £50m is owed to banks and
£40m to other clubs... West Ham are not owed a single penny by other clubs
because when they've sold players, they've discounted the debt with the
banks," he said. "We're going to have to do some wheeling and dealing which
we're very good at," he added. "We'll have to find new money."
Sullivan said that debts included the settlement for former boss Alan
Curbishley and to Sheffield United, who are owed about £20m as a result of
the Carlos Tevez saga. CB Holdings, whose majority shareholder is the
troubled Icelandic bank Straumur, had borrowed money by using future season
ticket sales as capital, Sullivan, 59, also stated.
Sullivan's deal sees him taking strategic and operational control of the
club, which is 16th in the Premier League, while he and Gold have a
four-year option on the remaining shares. Nevertheless, he is instead
hopeful of attracting a consortium of wealthy investors to help fulfil the
target of getting the Hammers into the Champions League within seven years.
"Our preferred option is that we find other people who want five or 10% and
we will go to [AirAsia and Lotus F1 tycoon] Tony Fernandes, who was one of
the others interested in buying the club."
Former West Ham youth team player Gold, 73, said that the pair had managed
to avert the immediate danger of having to sell players to pay off debts.
He said West Ham needed to secure £8m in the current January window and
another £12m by the summer. "The first thing we needed to do was not to
bring in new players, the first thing was to make sure no players left,"
said Gold. "Up until a month ago you constantly read and saw on TV that the
current owners would have to sell their best players to stay in business."
"We can reassure fans who were terrified that they were going to lose two or
three of the best players that that is now not going to happen." The pair
also added that they had been in talks with Newham Council about moving to
the Olympic Stadium once the 2012 London Games had finished. "It is a
priority for West Ham that we move to the Olympic Stadium, three miles from
where we are now," Sullivan said. "If we have a huge ground, we can take
football back to the people, reduce admission prices and become the cheapest
Premier League ground in the country."
Sullivan and Gold secured the takeover despite interest from Lotus F1 chief
Tony Fernandes, finance firm Intermarket and Italian Massimo Cellino. And
Cellino, the president of modest Italian Serie A club Cagliari, has hit out
at Icelandic bank Straumur as he thought he - and not Sullivan and Gold -
was close to a deal. "I am astonished more than disappointed. In many years
in football I've never seen anything like this," he told Italian news agency
ANSA. "Everything was ready, I was poised to buy 100% of the club and,
instead, this morning when I arrived in London I discovered they'd decided
to sell to people they've been talking to for eight months, who have taken
only 50%. "I would have paid all the debts and I was ready to make some big
buys. I think England didn't want me."
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Brooking welcomes investment
KUMB.com
Filed: Tuesday, 19th January 2010
By: Staff Writer
Hammers legend Trevor Brooking has welcomed the prospect of the
cash-injection promised by new owner David Sullivan. Sullivan revealed today
that he was preparing to back Gianfranco Zola in the January transfer window
- a move welcomed by former player, manager and director Brooking. Talking
to Sky Sports this afternoon, he said: "It brings stability. I think
Gianfranco's not found it easy with the squad and with one or two players
having to be moved on. "He's got them passing the ball well though so
hopefully he, Steve Clarke and the coaching structure stays because I think
the fans like the way they're trying to play. "What they probably need is
one or two additional personnel to really strengthen the squad from the
point of view of making sure that they don't stay down in that relegation
area. "Now that it's sorted out I'd like to feel that the club can focus and
pick up some points. They've got some big matches in the next few weeks -
and they're the games they've got to win."
Brooking's thoughts were echoed by fellow former Hammer Tony Cottee, who
also welcomed the new owners to West Ham. "They've both got the club at
heart and I really do wish them well," he said. "It looks like a great
appointment for the club. "What they need to do is steady the ship, rebuild
gradually and then once they've done that I think they can inject some
money, properly, over the next few years, pay the right sort of wages - and
then I think the club might have a a chance."
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Hammers blow stuns Cellino
Italian astonished after missing out in race to own Hammers
Last updated: 19th January 2010
SSN
Massimo Cellino has spoken of his astonishment after missing out in his bid
to buy West Ham. The Italian, who is president of Serie A side Cagliari,
thought he was close to a deal to buy the London outfit. But the Hammers
announced on Tuesday that the former Birmingham City owners David Sullivan
and David Gold had won the race for the keys to Upton Park. Cellino told
ANSA: "I am astonished more than disappointed, in many years in football
I've never seen anything like this. "Everything was ready, I was poised to
buy 100 per cent of the club and instead this morning when I arrived in
London I discovered they'd decided to sell to people they've been talking to
for eight months, who have taken only 50 per cent. "I would have paid all
the debts and I was ready to make some big buys. I think England didn't want
me." Cellino added he had never planned to abandon Cagliari. I will continue
to do for Cagliari what I've always done," he said.
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David Sullivan reveals staggering debts at West Ham after completing £105m
takeover with David Gold
By Sportsmail Reporter Last updated at 7:39 PM on 19th January 2010
Daily Mail
New West Ham owner David Sullivan revealed he has inherited a club with over
£100million in debts. Sullivan and new Hammers co-chairman David Gold, sold
their interest in Birmingham last year, having previously owned 27 per cent
of the Hammers 22 years ago. Sullivan has now returned to take a 50 per cent
stake in West Ham, with Icelandic bank Straumur holding the remaining half.
But despite describing their excitement at taking control of a club close to
both of their hearts, Sullivan's estimation that the Hammers owe in excess
of £100m and have limited incomings grabbed the attention. 'We wouldn't buy
this club at all if this wasn't West Ham. It makes no commercial sense for
anyone to buy this club and it's amazing that two other people wanted to buy
it.
'One is another West Ham supporter (Tony Fernandes) and the Italian (Massimo
Cellino), I'm not quite sure if he looked at the books properly, but if he
looked at the books he might have walked away. 'We've paid down some of the
debt and injected some working capital but there's still more than £100m of
debt. 'In that there's £50m owed to banks, there's £40m owed to other clubs.
There's not a penny to come in, they (the previous owners) have borrowed
against the next two years of season-ticket money. The sponsors have paid 70
per cent of their three-years up front. 'In addition there's the club's
settlement to (former manager) Alan Curbishley, so the real debt is about
£110m.' The new Hammers ownership team revealed their first achievement had
been to avert the need to raise £20m in the next two transfer windows to
keep the club afloat - £8m in January and £12m in the summer.
Gold told Sky Sports: 'The first thing we needed to do was not to bring in
new players, the first thing was to make sure no players left. Up until a
month ago you constantly read and saw on TV that the current owners would
have to sell their best players to stay in business. 'We can reassure fans
who were terrified that they were going to lose two or three of the best
players that that is now not going to happen.' Sullivan believes the
club's future would be brighter if they could move to the Olympics stadium
in east London after the Games in 2012, but admitted they would have to
reach some kind of compromise over the running track. Asked whether they
would be happy to live with the track around the pitch, he told Sky Sports
News: 'Ideally no, but there may be a way we could lay the running track for
three months or something. It may be cheaper to build a running track
somewhere else. I don't think running tracks work, particularly behind the
goal. The customers are so far back it doesn't work. don't want to buy (the
Olympic Stadium), we want to rent it. The Government promised to keep it
alive for 30 years, it's going to cost them more to keep it alive. With us
it's going to cost them nothing - we would pay all the running costs.'
Sullivan's deal sees him taking strategic and operational control of the
club with his 50 per cent stake, while he has an option on the remaining
shares which will exist for a four-year period.
Nevertheless, with the club in a perilous state, he is instead hopeful of
attracting a team of wealthy investors to help get the Hammers back on
track. 'We own 50 per cent of the club but I have an option on the other
50. I would share that with David but I would like to have four or five West
Ham supporters with lots of money to come in. 'The debts here are so large
that most Englishmen can't carry them so we would like to share them with
others and help take West Ham to the next level. 'The bank Straumur own the
other 50 per cent right now and my option to buy is for anytime in the next
four years. Our preferred option is that we find other people who want five
or 10% and we will go to Tony Fernandes, who was one of the others
interested in buying the club. 'If you imagine a government of national
unity in national crisis this is the board equivalent and we want people to
come in and help dig the club out of that.Every stone you turn is a negative
to the cash flow of the club and viability of the club. 'They (the previous
owners) have done a fantastic job of keeping the club alive but the cost is
we are taking over an incredibly bad situation. However, we will sort it out
because we are good at it.'
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David Sullivan completes West Ham takeover deal: Full statementBy Sportsmail
Reporter
Last updated at 10:15 AM on 19th January 2010
Daily Mail
David Sullivan has acquired 50 per cent of West Ham United and with
immediate effect will have operational and commercial control of the
football club. The deal, which was concluded late on Monday night, values
the club at £105million. Mr Sullivan, a lifelong West Ham fan was brought up
in Hornchurch and studied economics at Queen Mary College, Mile End. He
said: 'I have been interested in running West Ham United for 20 years and I
can't wait to start work. 'I enjoyed running Birmingham City for 16-and-half
years, but everyone there knew my true love was always West Ham United. 'It
will be an immense privilege to lead this great football club and more
importantly its supporters.
'Our first priority has to be securing the Premier League status of West
Ham. I believe the players at this club have shown great commitment in
trying circumstances and the new board and I will get behind them in every
way we can. 'We will also look to bring in new players to supplement the
squad where needed once we have met with the manager.' David Gold, Mr
Sullivan's long-time partner at Birmingham City, will join the club as joint
chairman and their former colleague Karren Brady, will be appointed vice
chairman. Mr Sullivan added: 'I would like to thank former executive
chairman Andrew Bernhardt and CB Holding who assumed control of the club in
difficult circumstances through no fault of their own. 'Our long-term aim
will be to put the club on a stronger financial footing. I believe with our
new board we have the expertise and experience to do just that and bring the
good times back to this great football club. 'West Ham United need stability
after all the recent upheavals. We appointed four managers and parted
company with two at Birmingham in 16 years. We believe in our managers and
give them the time and support they need. 'The club is now back in the hands
of East Enders, people who understand the community and its passion for the
Hammers. I believe that depth of feeling will also bring us through what has
been a difficult period.'
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Fire sale on hold after Sullivan and Gold restore hope to West Ham
Exodus of leading players averted after takeover
New joint chairmen looked into buying 'about 20' clubs
Matt Scott guardian.co.uk, Tuesday 19 January 2010 20.48 GMT
David Sullivan, in announcing his takeover of West Ham United, laid out his
football credentials. "We're good at controlling things and we've left
behind a pretty good team at Birmingham City," he said.
The last club Sullivan owned with his business partner, David Gold, was
certainly transformed unrecognisably during their near 17-year reign. But
West Ham fans are streetwise enough to see the deception in dreaming of a
push for European qualification any time soon.
The task Gold and Sullivan are taking on at Upton Park is arguably as great
as when they took control of a bankrupt Birmingham in the second tier in
1993. Sullivan listed his new club's £100m-plus debt burden: £50m owing to
banks, £40m to other clubs and more than half of the next two years'
season-ticket money already borrowed against.
What Sullivan did not mention was that 18 months ago the club breached their
banking covenants when their wage bill hit almost £65m on a turnover of only
£81.5m. The pain of trying to work down those unsustainable salary demands
will be felt for a number of years.
Both Sullivan and Gold know that buying a club this badly in hock was not
going to be a rational undertaking. "It makes no financial sense to buy this
club. We bought this as fans," said Sullivan, resplendent in his claret
velvet jacket and blue silk tie.
So bad was the situation that Straumur, the club's 70% owner through their
parent CB Holding, had a pressing deadline. If the takeover could not be
concluded on Monday, then a fire sale of players would have to begin in an
effort to raise the minimum £8m required to cover the still bloated wage
bill beyond April.
Although West Ham's survival chances have been significantly boosted by the
takeover – since the sales of Robert Green, Matthew Upson, Scott Parker and
Carlton Cole will not now be forced on them – they are by no means endowed
with wealth.
Indeed Sullivan does not attempt to hide it. "We haven't got £140m [in
cash]. And even that, all that would do is pay the debt," he explained. "It
wouldn't buy you a team. So you put in another £100m, or £250m, or £300m?
Well, we just haven't got it. I'm not liquid to that extent."
In taking over 50% of the club, now the largest single stake with the other
half split between three Icelandic banks, Gold and Sullivan are understood
to have put down £44m. Sources say that £22m of that goes to pay down some
of the club's debt (Straumur and its partners are also in the unenviable
position of being among the club's major creditors), and a similar sum goes
in as working capital.
But a large slice of the working capital will be swallowed by the club's
cash-flow obligations between now and August, which are approaching £20m in
total. Since the season-ticket money is already hocked, it is unlikely that
good offers for any of those players can be turned down in future. But at
least the proceeds can now broadly be released for reinvestment in the
squad.
Indeed other realities bite. Although Gianfranco Zola will be permitted to
sign new players during the current transfer window, the club's league
position does not make Upton Park an attractive destination. Sullivan is
poised to take personal responsibility for transfers alongside the new
vice-chairman, Karren Brady, and the likelihood is that any arrivals this
month will be loaned in rather than purchased outright. "We will wheel and
deal. We're good at it," said Sullivan.
There should be no doubt about that. Although both were desperate to get out
of Birmingham, they still managed to raise £81.5m in Grandtop
International's takeover last year – way over the odds for a club that has
for several years bounced between the top two leagues. That unlikely sale
meant they could share about £40m between them, a sum that meant dozens of
clubs were courting their investment.
And the pair took a similarly uncompromising stance into negotiations to
take over West Ham. They knew that, backed by hard cash and not easy
promises, their bid was the most credible; and their tactics at times
angered Straumur's selling agents at NM Rothschild. But West Ham fans should
be encouraged that they succeeded on their own terms.
Succour can also be drawn from the fact that they have looked into buying
"about 20" clubs, ensuring they have very good intelligence on the state of
those clubs' finances. This will be very useful when discussing potential
deals for their players.
But even if, as is still possible, West Ham slip out of the Premier League
this season, the greatest relief for fans is knowing that it will not ring
the death knell. "We're here to the end, till we die," said Sullivan. "We're
not just going to bang it out to some Russian after five years. I've got a
dodgy heart and David's 73. But his mum lived to 90-odd and my mum's still
alive at 93. So maybe we'll beat the odds."
If West Ham are to survive as a sustained force in the Premier League, they
will have to.
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David Sullivan hopes to boost West Ham with move to Olympic Stadium
New owner cites Manchester City example to offer legacy
Newham mayor and shadow sports minister back idea
Owen Gibson guardian.co.uk, Tuesday 19 January 2010 20.09 GMT
West Ham United's new owners today reignited the debate about the future of
the Olympic Stadium in Stratford by signalling their intention to occupy it
after the 2012 Games, in a move welcomed by Tory politicians and local
councillors.
David Sullivan who, with David Gold, took control of West Ham in a deal that
values the club at £105m, said they are "hoping to persuade the government"
they should be allowed to move just over two miles to the £537m stadium.
Citing the precendent of Manchester City's move following the Commonwealth
Games, any deal to take up tenancy at the Olympic Stadium could radically
overhaul West Ham's financial model and enable them to turbo-charge revenues
by boosting capacity to 55,000 and giving them a ready-made new home with
excellent transport links. It could immediately make their £50m investment
look a wise one, particularly as the club could sell Upton Park for
redevelopment.
Sullivan's statement of intent is likely to be the opening salvo in a long
running negotiation between the club and the Olympic Park Legacy Company,
effectively a joint-venture between the government and the London Mayor,
that is responsible for devising an economically feasible masterplan for the
area and the venues in it.
"Any legacy solution for the Olympic Stadium has to be commercially viable
and that probably means a Premier League football club alongside its
athletics use," the shadow sports minister, Hugh Robertson, said today.
The outcome will have ramifications not only for the government's delivery
of a 2012 legacy, but also England's bid to host the 2018 World Cup. Karren
Brady, West Ham's new vice-chairman, also has an advisory role on the 2018
bid team.
But several contentious issues remain, including the question of who will
pick up the estimated £100m tab for converting the stadium into a
permanentPremier League football ground with all the hospitality, catering
and retail requirements that entails. The stadium was designed to have all
catering kiosks and merchandising stalls housed in temporary pods on its
perimeter rather than built into the undercroft.
A second stumbling block will be the fact that Olympic organisers are
unlikely to countenance the removal of the running track and will require
promises about community use. A school, a National Skills Academy and a
branch of the English Institute for Sport are all in line to move in.
The Olympic Park Legacy Company said yesterday it was keeping all options
open ahead of a report expected in the next two months, overseen by the
chair Baroness Ford and chief executive Andrew Altman. But Ford has
repeatedly expressed enthusiasm for at least seriously examining the
feasibility of the project and sees no reason why it cannot combine football
with a running track. The stadium is more intimate than the cavernous bowls
of previous Games, with seats banked more steeply.
There is undoubtedly a shift in mood. The original idea of scaling the
stadium back to 25,000 seats fitted with the bid ethos of leaving no white
elephants in 2005. But as time has gone on, more of those involved have
begun to question the wisdom of building a landmark stadium and immediately
dismantling it.
The Olympics minister, Tessa Jowell, last year appeared to close off the
debate about the future of the stadium after negotiations with a range of
potential partners, including West Ham, Leyton Orient and Wasps, broke down.
But on her appointment Ford said she wanted to revisit the issue.
Newham Council is also keen, believing it would help the area through a
tricky post-Games spell and make the Park immediately feel like a well used
destination with an attachment to its community, not to mention the economic
spin-offs for local businesses. Newham's mayor, Sir Robin Wales, a West Ham
season ticket holder, said yesterday: "This is great news and augurs well.
We have always argued the Olympic stadium deserves a top flight football
team after London 2012.
"In my eyes there is only one obvious choice – and that's the Hammers.
Allowing the club to move into this iconic setting would ensure a fitting
legacy for the stadium."
Sullivan's suggestion that the athletics track could be removed and rehoused
at Upton Park – unlikely not least because it would prevent West Ham from
selling the valuable real estate – could anger Olympic officials, who have
repeatedly insisted that retaining an athletics legacy for the stadium is of
paramount importance.
For the club, it could transform its finances. More accessible to its
traditional fan base to the east and the north of its East End home, with
unrivalled transport links and a likely 55,000 capacity, the additional
match-day income could enable it to compete on a level playing field with
Arsenal and Spurs, who by then hope to have also moved into a new stadium.
::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::
John Hartson faces more surgery in battle with cancer
BBC.co.uk
Ex-Wales football star John Hartson is to undergo two more operations in his
battle with cancer, and reveals he was just minutes from losing his life.
The ex-Arsenal and Celtic striker was diagnosed in July with testicular
cancer that had spread to his brain, but says he is now "over the worst".
"I came within 10 minutes of losing my life," he told BBC Sport Wales. "I
had everything to fight for, it was a very tough time. I was unconscious for
around five to six weeks." Since then he has undergone chemotherapy, lung
and brain surgery. He told the tv programme: "I have some surgery to come...
surgery on my lungs and little bit of surgery on my brain, just to take the
debris out." He also claimed that a recent controversial move of emergency
neurosurgery from Swansea to Cardiff might also have claimed his life, had
it happened before his diagnosis. "I had to make the ambulance journey from
Singleton Hospital to Morriston [both in Swansea]. "If the neurology unit
was in Cardiff where it is now, then I would probably not have made the
journey."
However, Hartson remains positive: "I'm feeling great. I'm feeling healthy,
I'm feeling very strong. "I'm getting out and about and driving my car and
working. So I feel really good." The ex-Wales star returned to work as a
television pundit in December. However, further medical treatment looms and
he said: "You just have to clear out all what's left in the body now and
there's still a little bit of scar tissue and things that can develop. "But
they say I've probably been through the worst. "I've had the two brain
operations, pneumonia and God knows how many sessions of chemotherapy so I'm
hoping now that I can ride these operations and come back stronger than
ever."
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Sullivan: Stars should stay and fight
TeamTalk
David Sullivan is open to the idea of letting players leave West Ham this
month but would prefer them to stay and get the club out of trouble.
Sullivan has, along with his business partner and former Upton Park
youth-team player David Gold, acquired 50% of West Ham in a deal which
values the club at £105million and gives the duo operational and commercial
control. However, while living out a boyhood dream, Sullivan - who helped
turn the fortunes of Birmingham around before selling the club last year -
admitted their latest venture made no business sense whatsoever. West Ham's
overall debt stands at around £100m, owed to both banks and other clubs,
including settlements to Sheffield United over the Carlos Tevez affair and
former manager Alan Curbishley. On the field, things have not gone according
to plan this season either. Gianfranco Zola's men are currently out of the
relegation zone only on goal difference. The new owners, though, are set to
meet the manager and discuss what he needs to help secure top-flight status
- which will be crucial to the club's short-term security. Had the takeover
not gone through, West Ham would have needed to raise £20m by the end of
August to stay afloat - which included £8m this month, possibly by cashing
in on the likes of England internationals Robert Green, Matthew Upson and
Carlton Cole. There have been reports some of the squad were becoming
unsettled and Sullivan admits it may be worth letting players leave if their
heart is not at the club. However he believes they should stay and get the
club out of the relegation scrap they have put themselves in. He said: "If
they are desperate to go and you get the right offer, you don't want to keep
unhappy players. Against that, I think the players have got us in the state
we are in and they are entitled to dig us out of this state. "You might have
to say to a player 'look, we will let you go, but not until the summer and
only if we stay in the Premier League. If we go down you will have a year in
the Championship. You have caused it. You will pay the price'."
Sullivan, 60, insists the current regime is in place for the long haul and
called on other supporters, including Lotus F1 supremo Tony Fernandes, whose
takeover bid was unsuccessful, to provide more investment. "We would like
him to become a director and would like him to buy up 50% of the club and
like him on board," said Sullivan, who has an option to buy the remaining
stake from Icelandic bank Straumur directly or through other interested
parties within the next four years. "This is like a government of national
unity in a crisis so the more parties join up, it will be better for the
unity for the good of the club."
Sullivan, who intends to pursue the option of moving to the Olympic Stadium
after the 2012 Games, insisted: "We are not stupid people. We know what we
have done makes no financial sense at all. But it is West Ham and that is
all you can say. "Some of the poor season-ticket holders, what they spend on
a season ticket relative to their income is exactly the same. "They think
'why I am doing it?'. They are doing it because it is West Ham. We are doing
it on a bigger scale."
Sullivan accepts the Hammers are now paying the price for the aspirations of
the previous ownership, spearheaded by former chairman Eggert Magnusson. He
said: "The Icelandic owners built up a business formula that did not work.
"So have Manchester City and Chelsea - but if you have an owner that is
prepared to subsidise the club for £50m or £60m a year then it is not
negligence. "Clearly Magnusson thought that the owner would subsidise the
club. "The accounts will come out shortly and I am sure that they will show
another £40m or £50million loss."
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Everton FC latest: West Ham United ponder swoop for out-of-favour Jo
Jan 20 2010 by Ian Doyle, Liverpool Daily Post
WEST HAM UNITED are considering launching an attempt to take out-of-favour
striker Jo from Everton. The Brazilian, on a season-long loan from
Manchester City, has fallen out of the first-team frame at Goodison after
being fined and suspended as a consequence of going AWOL over Christmas. Jo
has since returned to training at Finch Farm but has not been involved in a
matchday squad since the 3-3 draw at Chelsea on December 12. And now West
Ham, who were yesterday taken over by former Birmingham City owners David
Sullivan and David Gold, are investigating the possibility of taking the
21-year-old to Upton Park for the remainder of the season. While Premier
League rules say no player can appear for more than three clubs during the
course of a single campaign, Jo could conceivably be registered for a third
team as he did not turn out for City this season before making his move to
Goodison. However, there are a number of obstacles that must first be
overcome, not least whether City would be willing to cut short their
season-long agreement with Everton for the player. But with David Moyes
having bolstered his strikeforce with the loan signing of Landon Donovan,
opportunities are likely to be extremely limited at Goodison for Jo.
::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::
The Need for Transparency and Clarification!
West Ham Till I Die
Well that was quite a press conference was it not! Unfortunately I missed
most of the developments, as they unfolded yesterday, because I was in
meetings for most of the day. I have, however, now had an opportunity to
view the full press conference on-line. I have never claimed to be a
financial expert, but I must admit that there are certain things, relating
to the club finances, that I do think need further clarification.
The most current set of club accounts should be published and the debts owed
to the banks and other clubs quantified. I expected the the level of debt
to creditors to be in the region of £38-40m, so there is an additional
£10-12m to account for. Similarly, there needs to be a breakdown of the
£40m allegedly 'owed' to other clubs. How much of this is figure
constitutes the compensation package to Sheffield Utd? The commonly
accepted estimate was that the figure was £20m in total and that the first
£5m instalment was paid last summer. That leaves an outstanding balance of
£15m, so what transfer instalments, or any other payments, account for the
remaining £25m? Which clubs apart from the Blunts do we owe money and for
what players?
So, that leaves a gap of c.£55-57m between the anticipated debt and what it
has been stated that we owe. Even if there are, indeed, player instalment
fees outstanding to other of clubs of say c.15m, that still leaves an
unexplained gap of c£40-42m. The only other factor quoted was Curbishley's
compensation package and that certainly does not account for c.£40-42m?
There may well be other debts of which I am not aware and have not taken
into account, but if so, what are they? Is the cost of the training ground
re-development included in this figure of £11om?
Another issue is the club's debts to the banks. Just what are the terms of
those loans? We were led to believe that the club had recently renegotiated
its loan facility, presumably on more preferential terms? Similarly, what
has happened to the turnover of the club, estimated to be the region of
c.£81m a year? We had assumed that the club was self-sustaining and
financially viable. However, borrowing against the next two seasons of
ticket money and securing 70% of a 3 year shirt sponsorship deal up front
indicates extreme financial pressure.
BG put £30m in to the club, prior to his regime's demise, to increase the
working capital and it had been thought that this had significantly improved
the club's financial position. The recent incoming fees for Ferdinand
(£8m), McCartney, (£4m), Bellamy (£12m), Pantsil, Zamora (6.5m) and Collins
(£5m) amounted to an estimated £35.5m. There have been some incoming
deals, but nothing on this scale. Similarly, the club has taken decisive
action over the last two seasons to significantly reduce the player wage
bill, with high earners such as Ljundberg, Neill and Bellamy exiting the
club. Surely these factors should have significantly improved the club's
solvency?
Furthermore, what has happened to the £30m TV money this season? It
certainly was not spent on players last summer was it!
These are just some of the questions that I would like clarified. I am in
no position to challenge the statements of people who has been through a
process of due diligence and has examined the club's books in detail. They
obviously know the true financial situation. However, the circle does need
to be squared for the fans.
Sullivan and Gold were very open about the state of the club's finances.
Hopefully this openness and transparency will continue to be a feature of
their ownership. In particular, they will be equally open about their
business model and proposals to place the club on a firmer financial
footing, whilst implementing their 7 year plan for achieving CL football.
The elements that they did reveal, were attracting additional investment for
the remaining 50% of the club and, longer-term, moving to the Olympic
Stadium and presumably raising funds on the sale or re-development of Upton
Park. Will the likes of Fernandes agree to buy a stake in the club now it
is owned by Sullivan & Gold? It will be interesting to see his response to
such a direct appeal to work with the new regime. Similarly, will any of
the wealthy Hammers fans, supposedly involved in the Intermarket bid, now
come forward and invest in the remaining 50% of the club?
As for the move to the Olympic Stadium it is only logical to explore this
option. The Olympic Authority and West Ham Utd FC are reluctant suitors
that really do need each other. The Authority need to redefine their
conception of 'an athletics legacy' and remove the barriers to a deal.
Whilst the future development of the club needs the extra revenue streams
from a £55-60,000 seater stadium. David Gold put it on the line to
supporters in a sky interview, do you accept the limits imposed on the
club's potential by staying at Upton Park or do you move to the Olympic
Stadium and raise your sights and ambitions. To compete with the best we
need a bigger stadium, that conclusion is pretty much inescapable!
I have been attending Upton Park since 1967 and I have wonderful memories of
the place. However, I will accept the move if it benefits the club and
helps bring the sustained success that I have dreamed of for over 40 years.
Sentimentality has its place, but we need to recognise that Upton Park
cannot be allowed to become a fetter to the club finally realising its
enormous potential.
I will also be interested to see their short-medium term strategies for
increasing income and attracting investment, whilst reducing debt. How will
they reduce the alleged debts, without reverting to major player sales next
season? With the new training ground in development, will assets such as
Chadwell Heath eventually be sold? That will mean the Academy also
relocating to the new training base. What is their position on the whole
approach now commonly referred to as 'project football' ?
We Hammers fans continue to live in 'interesting' times!
Fans may welcome this takeover or they may not. But the bottom line is that
Gold and Sullivan now own the club and we are all along for the ride. We
should avoid taking entrenched positions and wait to see exactly what they
are proposing, whilst also maintaining an analytical and critical point of
view. As far as I am concerned it is the only credible position to take if
you love this great football club of ours.
COYI!
SJ. Chandos.
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David Sullivan brings a whole new meaning to claret and blue at West Ham
United
When David Sullivan opened his first press conference at West Ham United
with the confession that this football club was where he had always wanted
to be, you could have heard the gnashing of teeth in Birmingham.
Telegraph.co.uk
By Sandy Macaskill
Published: 7:15AM GMT 20 Jan 2010
Whether he meant it or not, for supporters of Birmingham City, the club he
sold in October, one sentence was all it required to undermine his 17 years
in charge. It also begs the question: what have West Ham inherited? Were the
Birmingham supporters to answer that one, a picture of a porn magnate with a
penchant for Sgt. Pepper-style military overcoats (though on Tuesday it was
a velvet claret jacket) and exorbitant ticket pricing would surely emerge,
with recollections of poor attendances and the St Andrew's pitch invasion,
when hundreds of his club's supporters, foaming at the mouth, snapped the
crossbar of one of the goals following the club's relegation in 2008, the
detail.
West Ham Transfer Talk Yet supporters are more often than not keen to
remember only the worst. Amid the joy of the 13 games their team have gone
undefeated under new ownership, they could conveniently forget that it was
Sullivan and his co-chairman, David Gold, who oversaw the club's promotion
last season, and indeed overlooked the progress Birmingham made under their
stewardship.
For when Sullivan and Gold assumed control of Birmingham in 1993, they
inherited a club on its knees, playing in a dilapidated stadium. The men
rebuilt three-quarters of the stadium, and for a time stabilised the team.
It was their reluctance to invest at the same rate as their rivals, however,
which caused the club faithful to turn against them.
Doubtless influenced in no small part by the unsavoury provenance of his
wealth – he used to own a number of pornographic magazines and the Daily and
Sunday Sport – controversy has been a fixture of the Sullivan scenery.
He has come into contact with the police on more than one occasion, once
convicted for living off immoral earnings and, later, arrested along with
the club's managing director Karren Brady (who will join the West Ham
board), by the City of London Police amid a corruption investigation into
allegations of fraud in football. Both were later cleared of all charges.
Sullivan also came into conflict with the man offering to purchase his club
for more than the company share price. New owner Carson Yeung initiated an
investigation into Sullivan's chairmanship, and called in the West Midlands
Police's Economic Crime Unit to investigate disputed management fees claimed
before selling the club.
It is unsurprising that the ensuing war of words was to the detriment of
Sullivan's reputation in Birmingham. And while he and Gold were on the one
hand fortunate that they were able to sell Birmingham for £81.5million, they
have been unlucky that the club have experienced such immediate success
under Yeung.
But although it has distorted their legacy, West Ham could set the record
straight. One thing is for certain: the excitement is not over at Upton
Park.
::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::
Jury is out on whether David Sullivan and David Gold will be good for West
Ham United
It remains to be seen if the arrival of West Ham United's new owners, Davids
Sullivan and Gold, should be cause for celebration.
Telegraph.co.uk
By Paul Kelso
Published: 7:00AM GMT 20 Jan 2010
David Sullivan and David Gold's arrivals at West Ham restore the balance
between foreign and domestically owned clubs. Ask a cross-section of
football fans what they want from an owner and they would demand a
filthy-rich lifelong supporter of the club arriving with a promise to
oversee a renaissance at a once-proud institution.
On Tuesday two men who tick all those boxes took control at West Ham, but it
remains to be seen if the arrival of the two Davids, Sullivan and Gold,
should be cause for celebration at Upton Park.
Jury still out on National winner Comply Or DieAnglophiles will certainly
celebrate the Davids' arrival, if only because it restores the balance
between overseas and domestically-controlled clubs in the Premier League to
10-a-side.
And ask Manchester United supporters if they would swap the Glazers for two
Cheshire-born Stretford End season-ticket holders with private means and
they would bite your hand off.
But the lesson of the past decade in the Premier League is that the secret
to successful ownership is not where you were born or what club colours you
bleed, but how well you manage the business.
The financial pile-up at West Ham, detailed in unstinting detail by Sullivan
on Tuesday, is the result of chronic overspending by the previous regime,
and specific circumstances that saw the club become virtually the only
liquid asset in the Icelandic economy.
But there are no shortage of English owners who have done almost as bad a
job of running their club as Eggert Magnusson managed at the Boleyn,
starting with Peter Ridsdale, whose dream for Leeds United fell off a cliff
six years ago and still has not recovered.
The real test of Sullivan and Gold's credentials is whether they can dig the
club out of the hole in which Magnusson and Bjorgulfur Gudmundsson left it.
Despite having control of the club in the most lucrative period in the
history of English football the Icelandics and the banks who succeeded them
have left behind debts of £100 million and little room for manoeuvre.
Future season-ticket revenue has already been borrowed against, the
commitment of leading players is uncertain and there is an immediate need to
find £8 million due to creditors this month.
Viewed alongside the calamitous plight of Portsmouth, another club paying
for the indulgence of owners chasing success without a thought for the
bottom line, it is a poor advertisement for the top division.
There are reasons for optimism on Green Street however. Sullivan and Gold,
aided and abetted by Karren Brady, ran a sustainable ship at Birmingham,
even if they failed to win over the misanthropic wing of St Andrews.
They also have a golden opportunity in the proximity of the London Olympic
Stadium. Boris Johnson, the Mayor of London, is desperate for a long-term
tenant to take the running costs of the stadium off the London taxpayer, and
there is no better bet in sport than a Premier League club.
A lease to the stadium on favourable terms could secure the club's future,
and render objections to a running track irrelevant.
It would also free up Upton Park for redevelopment, which could wipe out
bank debt and deliver the profit that the owners may have half an eye on
already.
Achieve all that and Sullivan and Gold will get the freedom of Green Street.
::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::
David Sullivan reveals West Ham United have debts of £110 million
David Sullivan took control of West Ham United for what is understood to be
just £20 million. He then revealed startling details of the precarious
financial balancing act the Premier League club have performed to stay in
business, following the disastrous Icelandic regime of Eggert Magnusson and
Bjorgolfur Gudmundsson.
Telegraph.co.uk
By Jason Burt, Deputy Football Correspondent
Published: 6:45AM GMT 20 Jan 2010
David Sullivan said West Ham have liabilities of £110 million . Debts and
liabilities at the club, according to Sullivan, now stand at a staggering
£110 million, with £50 million owed to banks and £40 million to other clubs,
including £20 million to Sheffield United for the Carlos Tévez affair.
Sullivan clearly placed the responsibility for West Ham's predicament on
Magnusson, and even revealed that the former chairman — who he referred to
as "Mr Egghead" — had been in contact with him six weeks ago asking for a
job.
Sport on television "I did an interview 2½ years ago and said that West Ham
would come to me to solve the problems. I said what this man is doing, the
model he is using, simply will not work," Sullivan said.
"The Icelandic owners built up a business formula that did not work. So have
Man City and Chelsea. But if you have an owner that is prepared to subsidise
the club for £50 million or £60 million a year then it is not negligence.
"Clearly Mr Eggbertson, I can't remember what his name is, Magnusson,
Egghead, clearly Mr Egghead thought the owner would subsidise it and he was
wrong."
Despite his anger over Magnusson's alleged behaviour, Sullivan, who has
acquired 50 per cent of the club along with David Gold, said he would not
pursue legal action against him. However, he is considering litigation
against some of those who advised West Ham over Tévez.
"West Ham pleaded guilty as they did not want to risk losing points but the
reality is that maybe they should have pleaded not guilty. It was not a
cut-and-dried issue. The board mistakenly thought that they would get a fine
and that would be the end of it, but they did not understand that there may
be claims from other clubs," he said.
The Daily Telegraph understands that Sullivan has paid £20 million for a 50
per cent stake in West Ham — with the option to buy the rest of the club
within four years — while the remainder will stay with Straumur, the
Icelandic bank.
It is understood that Sullivan has injected £15 million into the club in
so-called "working capital" but has not touched, as yet, the debts. It is
also believed that a large portion of the remaining £5 million paid by
Sullivan has been swallowed up in fees to lawyers and the bank Rothschild,
which has handled the sale, with a small amount going to Straumur.
Sullivan alluded to the costs: "I can't imagine how much the lawyers have
made out of this deal. Last night, there were 20 lawyers in the room as
dealing with banks and syndicates takes time.
"I apologise to fans that it has taken so long, we were where we were five
weeks ago but because of lawyers and Straumur trying to get the best price
for their creditors, as they have a duty of care, it has taken longer than I
would have liked."
Sullivan was not the only one frustrated. Malaysian entrepreneur Tony
Fernandes heard that he had lost out on West Ham only after the deal was
complete — at 11pm on Monday night he still thought he was in the running.
Furthermore Sullivan revealed that he had seen press releases prepared — by
Straumur – with Fernandes taking over and, also, with Calgliari president
Massimo Cellino as owner. It shows how tight the contest was.
"I was shell shocked as all day I thought that we were the chosen bidder,
that we were tidying up the paperwork and at five to 11 [pm] they admitted
they were dealing with two other people and if we faulted they would go to
the next one," Sullivan said.
Sullivan has brought in former Birmingham managing director Karren Brady as
a part-time vice-chairman and she will be charged with sorting out the
club's finances. She has already texted Fernandes to see if he wants to buy
out the remaining 50 per cent of the club, but the Air Asia chief executive,
who arrived back in Kuala Lumpur yesterday, was not keen.
Sullivan insisted yesterday that he had no intention of replacing manager
Gianfranco Zola. However he seemed less enthusiastic about the job done by
technical director Gianluca Nani, although he complemented chief executive
Scott Duxbury and finance director Nick Igoe on keeping the club afloat.
Just.
As part of his plans, Sullivan hopes to move West Ham from the Boleyn Ground
to the new Olympic stadium — which he wants to rent.
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DAVID SULLIVAN MAKES A GOOD START
Daily Express
Wednesday January 20,2010
By John Dillon
DAVID SULLIVAN has made a good start in charge at the Theatre of Dreams That
Fade and Die. He was honest and he was blunt. There are problems at West
Ham, he said, and there are debts. So there were no phoney promises about
new international signings and no cheap chatter about storming the Champions
League at high speed. There was no fake talk professing that he and his
partner, David Gold, had always loved the Hammers, especially that Bobby
Brooking and his friend Geoff Peters, who so memorably won the Eurovision
Song Contest for England in 1956, which is just about how authentic the
declarations of love made by the previous regime sounded in an Icelandic
accent.
There was, however, an instant declaration of support for the manager,
Gianfranco Zola, which did bear the stamp of authenticity, given the record
of the new owners of Upton Park for standing by their men while they were at
Birmingham City. What a turn-up this is. A take-over of a big English
football club by two Englishmen who know the real story of the place inside
out. And who have already proven they know about good stewardship simply by
the fact that their old manor of St Andrews is still standing, let alone
that its team is flying high in the Premier League. Surely, there must be a
catch. If there is, it isn't clear so far, although given West Ham's record
of self-damage, self-delusion and self-inflicted humiliation – particularly
in recent years – the fans may still feel entitled to wonder exactly how
they have emerged from the carnage of the Icelandic era and the Carlos Tevez
affair in such apparently good hands. Sullivan and Gold are far too shrewd
to make the same mistakes which cost West Ham so dearly. They are not
without ambition, of course. But the talk about the Champions League
yesterday was temperate; it suggested they might make it in seven years. As
the anthem says, Upton Park's dreams nearly always faded and died. Under the
Icelanders, it was particularly painful because they were fantasists, not
mere dreamers. And profligate ones at that.
::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::
WEST HAM'S DEBT GREW SO QUICKLY
Daily Express
Wednesday January 20,2010
By Mick Dennis
WEST HAM'S financial implosion has been quick and dramatic. The London club
made an operating pre-tax profit of £5million in the 2005-06 season, their
first back in the Premier League. But the following two seasons they
declared massive losses despite soaring revenue from a new Premier League TV
deal. By May 2008, finance director Nick Igoe was admitting in the annual
accounts that even playing in the Champions League would not be enough to
put them back in the black. Five months before the end of that last season
of profit Terry Brown, who had been chairman for 14 years, sold the club to
an Icelandic consortium. Brown received £33m for his shares and the
consortium paid £85m in total for the club. Eggert Magnusson, left, became
executive chairman for 11 months during which time the club massively
overspent on players' fees and wages. Magnusson was only a frontman for
father and son billionaires Bjorgolfur Gudmundsson and Bjorgolfur Thor
Bjorgolfsson. They kicked out Magnusson and took control of the club but
West Ham continued to live beyond their means. The two Icelanders lost
control of the club when the banking collapse in their own country led to
their assets, including West Ham, being taken over by another bank, the
Straumur-Burdaras Investment Bank. It was this bank which sold half the
West Ham stock to David Sullivan and David Gold late on Monday night.
::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::
SULLIVAN AND GOLD VOW TO SPLASH THE CASH ON WEST HAM
Daily Express
Wednesday January 20,2010
By Gideon Brooks
WEST HAM'S new owners laid bare the enormous level of debt at the club but
promised they will still back Gianfranco Zola in the January transfer window
at the place they call "home". David Sullivan and David Gold have put up
£46million to secure a controlling 50 per cent stake in the club from
stricken Icelandic bank Straumur, but have also taken on the huge £100m
black hole in the club's books. And the pair emphasised that it was
personal history that had provided the strongest pull of all back to Upton
Park.Sullivan said: "Me and David grew up here, David lived 50 yards from
the ground for 20 years and played for the West Ham youth team, and we just
want to be here. There is no other club in the country we'd prefer to be at.
We've come home." But despite laying open the true extent of West Ham's
parlous finances, they insisted that they have every faith in Zola's ability
to pull them still further clear of the relegation zone. Sullivan said: "We
have paid down some of the debt and injected money as working capital but
there is still a £100m debt. This is a club haemorrhaging money and there
will have to be economies. We will have to do some wheeling and dealing –
which we are good at. We intend to talk to Franco and provide him with the
players he wants."
Sullivan and Gold, who outlined a long-term ambition to move from Upton Park
to the Olympic Stadium in Stratford after 2012, will continue to look for
extra investment in the form of new partners to buy up the remaining 50 per
cent from Straumur. They met Zola last night to determine potential targets
for a squad they admitted was "unbalanced". He is expected to have a
transfer kitty of £8m to redress that balance. High up on the list were
Benjani, Eidur Gudjohnsen and Jo. Spurs defender Alan Hutton and Portsmouth
midfielder Nadir Belhadj are also on their radar. "Up until a month ago
everyone was talking about having to sell the best players. But that won't
be the case with us," said Gold.
Sullivan added: "We plan on being here until we die – to the end, at least
that's the plan. We have dreamt of this for the last 20 years." Karren
Brady, who will nudge Scott Duxbury down the boardroom table but not out of
the club, has been appointed vice-chairman with the remit of hiring and
firing and technical director Gianluca Nani is expected to be the first name
on her hitlist.
::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::
West Ham in grip of chief executive's golden handcuffs
New owners put off by Scott Duxbury's £2m bill
Only other firm offer for club was a fan offering £351
Matt Scott guardian.co.uk, Wednesday 20 January 2010
The new West Ham vice-chairman Karren Brady, seen arriving at Upton Park,
might be forced to work alongside Scott Duxbury. West Ham United's new
boardroom is a crowded place following the arrival of Karren Brady as
vice-chairman. But the cost of ending Scott Duxbury's turbulent stewardship
of West Ham United could be as high as £2m, a price that means Duxbury could
survive despite his loss of control. During Terry Brown's time as
chairman-owner of the club all directors were given golden handcuffs in
their employment contracts. The terms provided for a 24-month notice period
entitling the board member to two years' salary in compensation for loss of
office.
It is believed that, although Duxbury, who was already the in-house lawyer,
was promoted to chief executive after Brown's departure, the then chairman,
Eggert Magnusson, awarded him a contract containing the same expensive
clause. According to the club's most recent accounts, Duxbury earned
£474,000 in the 12 months to May 2008 but that is understood not to reflect
his current entitlement. One insider said yesterday that the compensation he
would be due if dismissed is closer to £2m.
"It will be very costly to get rid of Duxbury," said a club source. West
Ham's new board are now weighing up whether that is a price worth paying in
order to give Brady the control she is used to. If the compensation clause
is triggered, it would be a remarkable windfall for Duxbury, whose
reputation suffered over the Carlos Tevez affair. Both tribunals into that,
which cost the Hammers in excess of £30m in fines and compensation payments,
deduced that Duxbury had misled the Premier League.
Bargain bid
After ensuring it had won itself a job lot of positive publicity Intermarket
Group's bid for West Ham United foundered over a lack of funds, just as this
column said it would in October. Tony Fernandes, too, could not on his own
raise the cash required for a purchase so it meant Straumur was left with
only two bids that contained verifiable proof of funding. David Gold and
David Sullivan won the day with their injection of £30m-£35m of new money
yesterday. The only other bid was submitted by an enterprising fan offering
a grand total of £351. But at least he provided bank details to show the
money was really there.
::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::
David Sullivan and David Gold vow to sort out the 'mess' at West Ham
Former Birmingham owners take 50% stake for £44m
Rather than sell players, West Ham are back in the market
Jamie Jackson guardian.co.uk, Tuesday 19 January 2010 22.39 GMT
West Ham United's hopes of Premier League survival were lifted when the
club's new owners, David Sullivan and David Gold, promised not to sell any
of the top players. They also made it clear that they would not sack
Gianfranco Zola, the manager.
The former Birmingham City owners Gold and Sullivan made the promise not to
sell players during the January transfer window despite claiming that West
Ham, 16th in the division, are in a "mess" and still owe around £110m, after
the pair bought 50% of the club for £44m. It is understood that they paid
£22m to the Icelandic bank Straumur, which retains the remaining half of the
club, but they gained "operational and strategic control". The remaining
£22m went to service short-term debt and for working capital in order to
bring in players.
Gold said: "Fans were terrified they would lose their best players but we
can assure them that is not going to happen. West Ham is in better shape
today than it was yesterday.
"The first thing we needed to do was not to bring in new players, the first
thing was to make sure no players left. Up until a month ago you constantly
read and saw on TV that the current owners would have to sell their best
players to stay in business. We can reassure fans who were terrified they
were going to lose two or three of the best players that that is not now
going to happen. We will do everything possible to ensure West Ham stay in
the Premier League."
Sullivan, who said they would consider selling the naming rights to Upton
Park, claimed that without their intervention the club would have had to
raise £8m within 10 days "to survive", with a further £12m required in the
summer. This would have forced Zola to sell his better performers, including
the England internationals Robert Green, Scott Parker, Carlton Cole and
Matthew Upson.
West Ham are 16th in the league, with only goal difference separating the
club from Hull City in the relegation zone. If Bolton, who lie
second-bottom, win their two games in hand then they would go five points
clear.
While the new co-owners assured Zola they have confidence in his abilities –
and said they want to achieve Champions League football "within seven years"
– they refused to confirm the futures of Gianluca Nani, the technical
director, plus the chief executive Scott Duxbury, and the finance director,
Nick Igoe.
Karen Brady, formerly chief executive at Birmingham City, which was owned by
Sullivan and Gold until last autumn, has been appointed vice-chairman.
Sullivan said he had spoken with another prospective buyer, Tony Fernades,
the head of the Lotus Formula One team and a West Ham supporter, regarding
him becoming a director and potentially buying into Straumur's 50%
shareholding.
There will also be further consideration regarding a claim against the
solicitors who advised the club during the Carlos Tevez affair, which
ultimately resulted in a Premier League fine of £5.5m before a tribunal
ruled they should pay Sheffield United an undisclosed sum, thought to be in
the region of £20m. Sullivan said: "West Ham pleaded guilty but maybe they
should have pleaded not guilty."
Massimo Cellino, meanwhile, who was the third prospective buyer, claimed he
was "astonished" to miss out on the deal. Cellino, the president of the
Italian Serie A club Cagliari, said: "I was poised to buy 100% of the club
and, instead, this morning when I discovered they'd decided to sell to
people they've been talking to for eight months, who have taken only 50%. I
would have paid all the debts and I was ready to make some big buys. I think
England didn't want me."
::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::
David Sullivan and David Gold say West Ham United debt could be as high as
£110m
The Times
Gary Jacob
David Sullivan laid bare the full scale of the financial meltdown at West
Ham United after taking control of the club yesterday. Sullivan blamed the
Icelandic for-mer owners for the spiralling debt — which he estimated could
be as much as £110 million — as a result of excessive spending on transfers
and wages and borrowing against future income.
Sullivan and David Gold, the former Birmingham City owners, have jointly
bought a 50 per cent stake in the club for about £50 million from CB
Holdings, which repossessed West Ham in June when Björgólfur Gudmundsson,
the former owner, was declared bankrupt. CB Holdings is 70 per cent-owned by
Straumur, the Icelandic bank. Sullivan and Gold have also invited fans to
buy a stake. "We are like a government of national unity in a crisis,"
Sullivan, decked in a claret jacket with blue trim, said. The new owners
have targeted qualifying for the Champions League within seven years, want
to rent the Olympic Stadium after the 2012 London Games and pledged money
for transfers this month in an attempt to avoid relegation. West Ham are
sixteenth in the Barclays Premier League, above the relegation zone only on
goal difference. Sullivan met Gianfranco Zola, the manager, for the first
time last night and claimed that he was not in the habit of sacking
managers. "Franco deserves our support and will get it," Sullivan said. "He
is staying."
West Ham plan to sign two strikers and have made approaches for Benni
McCarthy, of Blackburn Rovers, and Benjani Mwaruwari, of Manchester City.
They are also considering Alan Hutton, of Tottenham Hotspur, and Luke Young,
the Aston Villa defender, to play right back.
Sullivan held a board meeting yesterday and it is expected that Gianluca
Nani, the club's technical director, will lose his job within the week.
Scott Duxbury, the chief executive, may not survive beyond the short term
and there will be other casualties as Sullivan endeavours to cut costs. He
predicts that the next set of accounts will show a loss of £40-£50 million
and has not ruled out selling the naming rights to Upton Park. "We know what
we have done makes no financial and commercial sense," Sullivan said. "We
will raise more money to dig the club out of the mess. Every stone you turn
is a negative to the cashflow and viability of the club."
Sullivan said he had dismissed out of hand an approach from Eggert
Magnússon, the former chairman who has been blamed by many for the club's
excessive spending, to become involved in the club again. "I don't know what
the man is thinking and if he came in, our fans would go mad," Sullivan
said. Sullivan and Gold grew up near the ground and owned 27 per cent of the
club 22 years ago. They bought Birmingham City for £1 million in 1993 before
selling out for £82 million in August. "We plan to be here for ever, till we
die," Sullivan said. "We have not come here to hopefully bang it out to some
Russian in five years' time. It is nice when local people own the local
football club."
Sullivan will meet the players within the next 24 hours, among them Matthew
Upson. The defender, who joined from Birmingham, is among those who have
wanted to leave.
"I did Matthew an enormous favour letting him come to West Ham, so he owes
me, Matthew, big time," Sullivan said. "You don't want unhappy players. But
the players have got us in the state we are in and they are entitled to dig
us out. You might have to say to a player, 'Look, we will let you go, but
not until the summer and only if we stay in the Premier League. If we go
down you will have a year in the Championship. You have caused it, you will
pay the price.' "
Sullivan could have a hefty bill if they fail.
::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::
Champions League is an unattainable dream for West Ham United, says Gary
Jacob
Times football writer tackles the key issues surrounding David Gold and
David Sullivan's takeover of the club. He talks to Ben Smith
The Times
What kind of effect will the takeover have on the club?
Off the pitch, it should ensure the financial survival of the club, which
has cash flow problems and is in debt to the tune of about £80 million. The
deal will mean that the liabilities are shared between the owners, because
Straumur, the Icelandic bank, will still hold a stake. There were also other
issues at board level because the club has had no real direction since
Straumur took over in June.
On the pitch, money will be made available to Gianfranco Zola, the manager,
and it will ease any pressure there had been to sell players.
Why didn't David Gold and David Sullivan buy 100 per cent of the shares?
Sullivan has an option to buy the remaining stake but Straumur wanted to
keep an involvement. By agreeing to a 50 per cent takeover, the Icelandic
bank are reducing their exposure to the liabilities but could still make
some money at a later date.
They also now have a partner, in Gold and Sullivan, who can take charge of
the club and make the key decisions on the day to day running of the
business. Equally, Straumur probably had only one realistic buyer for their
stake.
What will the takeover mean for Zola? Is his future as manager safe?
Sullivan has claimed that Zola will remain as manager – which effectively
means that the Italian has to deliver survival or there will be a change.
Judging by his press conferences last week, Zola fears for his job and was
clear in telling any prospective owners that he was ready to fight to stay
at the club.
He will get the backing of the new owners for now, they don't have a history
of making knee-jerk sackings, but he will have to deliver on the pitch to
guarantee his future.
Should we expect Zola to bring players in during this transfer window?
Sullivan has already claimed that there will be funds so I would expect to
see some players coming in this month. Zola has been looking for a right
back and a forward - he has considered Alan Hutton, the Tottenham full back,
and Eidur Gudjohnsen, but there appears to be a lack of quality players
available so it remains to be seen if Zola will be tempted into what is not
a great market.
Sullivan has spoken of his seven-year plan to take West Ham into the
Champions League. Is this just rhetoric or is it an achievable goal for the
club?
It is a classic soundbite that almost every new owner and manager trumpets
when they take over a Premier League club. Unfortunately for West Ham it is
a dream that is wholly unattainable, even in every fan's wildest dreams.
Gold and Sullivan have built their reputation because they are prudent
businessmen. They don't have the finances or the desire to pump into the
club the kind of money that would be needed to break into the top four.
Anyway, it would be a foolish move in the current financial climate.
Sullivan also said he planned to speak to the Government about moving into
the Olympic Stadium after the 2012 Games. Is this a realistic option for
West Ham?
Again, it would seem unlikely. I would expect that the Government and
Olympic officials would be deeply uncomfortable about transferring the
Olympic Stadium to people who have made their fortune in the adult
entertainment business.
::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::
ANALYSIS: West Ham are not out of woods yet
Gary Jacob analyses the reasons behind the takeover and what the prospects
are for the East London club
Gary Jacob
The Times
Does the takeover ensure West Ham United's financial future?
It puts the onus on David Gold and David Sullivan to cover the debts, but
the club are not out of the woods.
How much have they paid?
Gold and Sullivan have jointly acquired a 50 per cent stake and operational
and commercial control of West Ham, for which they have paid about £50
million. Crucially, they have taken on full responsibility for the club's
debt, which was a significant factor for Straumur, the Icelandic bank that
controlled the club and wanted the liabilities taken off its books. Of the
£50 million, Straumur and its partners will receive about £10 million, with
the remainder used to reduce the debt and for working capital. Sullivan must
exercise the option to buy the remaining 50 per cent if the club meet
certain financial targets, with regard to factors such as revenue and debt,
within the next four years.
How much are the debts?
Sullivan estimates that the debt could be as much as £110 million. West Ham
owe banks about £50 million in loans, about £20 million to Sheffield United
after the Carlos Tévez affair and may have to pay compensation to Alan
Curbishley, the former manager, who won a case for constructive dismissal in
November. The club also have to pay £8 million by April and a further £12
million in the summer for past transfers, so they have borrowed against the
next two years of season-ticket income and the main sponsor has paid 70 per
cent of its three-year deal up front.
Why are the finances so bad?
West Ham overspent on transfers and wages, initially in a bid to avoid
relegation during the 2006-7 season.
Related Links
West Ham debt up to £110m, say new owners
Takeover will ease pressure on Zola ... for now
Gold and Sullivan complete West Ham takeover
Straumur said it had a three-year plan; why the sudden rush to sell?
Had the team been mid-table, they might have stuck to the plan. But they
feared the liabilities in the event of relegation. Prospective buyers needed
the sale completed this month to buy players. It has also been suggested
that the UK Government could retaliate and freeze assets, should its
Icelandic counterpart not pays its debts to this country.
Is moving to the Olympic Stadium an option for West Ham?
Possibly, but there are substantial hurdles. West Ham and Leyton Orient have
made an approach to move to the stadium, which Lord Coe has said must retain
a running track as part of the Olympic legacy. Sullivan, who wants to rent
the stadium, is against retaining a running track and has suggested building
a separate athletics stadium at Upton Park. The plan to reduce the
80,000-seat Olympic Stadium to a capacity of 25,000 after the Games would
have to be scrapped in the event of West Ham becoming its residents. The
Government may also be uncomfortable with transferring the stadium to people
who have made their fortune in the adult entertainment business.
::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::
Blame Egghead for this mess
The Sun
By ANDREW DILLON
DAVID SULLIVAN started his West Ham reign with a blistering attack on "Mr
Egghead". The new owner revealed the club is £110m in debt - and blamed
ex-chairman Eggert Magnusson. Sullivan said: "Clearly Mr Magnusson, or Mr
Egghead, thought the owner would subsidise the club." Sullivan slammed the
signing of Freddie Ljungberg from Arsenal in 2007 for £3million. The
midfielder played 28 games. He added: "West Ham took a player from Arsenal
who was on £30,000 a week and paid him £80,000. That wasn't good business or
necessary."
Ex-Birmingham owner Sullivan bought a 50 per cent stake of the club for
£52.5m from the Icelandic owners. David Gold, his partner at City,
immediately joined him. Sullivan added: "It was a crazy way that wages were
paid out by the Icelandics, that brought the club to its knees. You pay good
wages, not crazy wages. "I'm sure some fans will be fearful that we might be
like Eggert and decimate the club. We won't. "Magnusson phoned us six weeks
ago and said he would like to be involved again. I don't know what the man
is thinking."
Lifelong Hammers' fan Sullivan, who is joint chairman with Gold, revealed
the extent of the debt. He said: "We wouldn't buy this club at all if this
wasn't West Ham. It makes no commercial sense. We must be mad. "But there's
£50m owed to banks, £40m owed to other clubs and there's not a penny to come
in. "Then there's the settlement of the Alan Curbishley case. So the real
debt is about £110m."
::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::
Our 7 Year Plan for Glory
The Sun
By PAT SHEEHAN
DAVID SULLIVAN has given himself seven years to put West Ham in seventh
heaven. The new owner wants to reach the promised land of the Champions
League by 2017 after saving the club from financial ruin. Hammers fan
Sullivan, who paid £52.5million for 50 per cent of the club's shares, wants
to wipe out £110m of debt that is stopping them moving forward. He plans to
immediately plough in £8m for new players to help save Gianfranco Zola's
side from Premier League relegation. Sullivan also includes renting the
Olympic Stadium after the 2012 Games in his plan. The former Birmingham City
owner revealed: "Moving to the Olympic Stadium is a major part of our
long-term strategy.
"If we had a huge ground like that we could take Premier League football
back to the people. Prices could be reduced so everyone could afford it - no
matter what their income.
"We don't want to buy the stadium, we couldn't afford to. We want to rent
it."
When the Olympic Park was first proposed, the old West Ham regime offered
£100m towards building the stadium - if they could use it. But that was
refused in a row over the surrounding running track. Many involved in the
Olympic bid want it to remain an athletics stadium - as a lasting legacy of
London's Games. This would involve reducing the capacity as athletics
events, other than the Olympics, would struggle to fill the huge arena.
Sullivan added: "What is the point of spending millions on a stadium like
that to hold 80,000 and then reduce it to 25,000? "In this credit-crunch
world how can you tear it down after spending so much on it? Man City set
the precedent when they moved from Maine Road. "They have leased the stadium
used in Manchester for the 2002 Commonwealth Games from the local council -
so why can't we do the same in London?"
Sullivan admits reducing West Ham's massive wage bill is vital. He has
already presented his business plan to the banks as part of the takeover.
The club is locked in a relegation battle and Sullivan has made sure money
is left over - despite the payment to Icelandic holding company Straumur for
50 per cent of the shares. He said: "The short-term aim is to make sure we
are safe in the Premier League and then in seven years' time become a
top-four club playing in Europe. "January is not the best time to buy
players but West Ham have an unbalanced squad. There are lots of midfielders
but it's a striker the team needs. "There is money available and I will only
have to ask the bankers if we go above a certain level of spending. "I will
be sitting down with Zola to discuss transfers and we need to get moving
because there are just two weeks left."
Sullivan was immediately joined at West Ham by David Gold, who was co-owner
at Brum. The pair are already looking at ways to bring in money to reduce
the debts. Naming rights to Upton Park could be one way, as Arsenal have
done at the Emirates Stadium. Sullivan also laid the blame for their 16th
place in the Premier League table squarely on the shoulders of the players.
And he will let them know exactly what he thinks when he meets the squad
tomorrow. Sullivan explained: "We might have a little celebration dinner and
get to know each other. "The other David will be paying but I think the
players should really - bearing in mind the money they earn! "If any player
is desperate to go and West Ham get the right offer... you don't want
unhappy players around in your squad. "But, against that, I think the
players have got us in the state we are in and they are entitled to dig us
out of this state."
Sullivan and Gold tried to buy West Ham 22 years ago but failed when former
major shareholder Terry Brown refused to sell his stake at the time.
Sullivan, who turned up at Upton Park in an outrageous claret jacket, said:
"I'm a bit of an extrovert dresser, I actually bought this jacket five
months ago and I'm wearing it because I feel as if I have come home. "I've
had heart trouble but David and I plan to be here for ever. My mum is 93 and
still going strong - so I'm hoping it is a long, long way off. "We have not
come here with the intention we can bang the club out to some Russian in
five years' time. "This is my club and I'm here until I die."
::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::
Claret & Blue in my Blood
The Sun
By HUGH SOUTHON
DAVID GOLD insists the moment he took charge of West Ham was the greatest of
his life. And the lifelong Hammer says his mother will be dancing in heaven
at the news.
Gold, 73, was born across the road from Upton Park - at No 442 Green Street.
He said: "Finally I have come home to the club I love with all my heart."
The deal was done late on Monday night - as we exclusively revealed in
SunSport. It sees Gold become joint chairman with David Sullivan - also a
Hammers fan - after the latter bought 50 per cent of shares for
£52.5million. Gold said: "I've grown up with this club and my mum, Rosie,
had pictures, rosettes and scarves of the club on her wall until the day she
died. "Wherever she is I know she'll be dancing around this morning.
"Crikey, she was over there in the supporters' club every week playing
bingo. If she had been alive she'd have been strutting about, a real cock of
the walk!"
Gold's connection with the club also takes in his days as a youth-team
player. He recalls scoring the winner against Glasgow Youth in 1951 - as a
nippy left winger. Gold said: "My heroes go back to those days and the first
of them was Bert Hawkins, a striker, who even if he was injured would've
played on crutches. "Mum's was Trevor Brooking as he came along and opened
her little shop - so many connections, so many memories. "I never gave up
believing this day would come."
Sullivan and Gold launched the latest bid three months ago. They even
revealed that until late on Monday night THREE parties thought they were in
the driving seat. Gold said: "Throughout the day we had lawyers scurrying to
complete the finer details. "Because the board had surrendered certain
decision-making processes to the banks we were almost carrying out two sets
of negotiations. "But apart from that there was always the worry that one of
the other groups might make it happen for themselves. "Finally - right on
the stroke of midnight - the call came from David Sullivan. "That woke me up
very quickly - the greatest moment of my footballing career."
Gold's business career has been a real rags-to-riches story. He started out
helping his mother sell BUTTONS from a market stall outside their house
before moving inside to the card and sweet shop. He became the driving force
in Ann Summers becoming a multi-millionaire selling underwear and is now
chairman of Gold Group International. Gold's Victorian mansion sits on a
55-acre site, including a self-designed golf course, heli-pad and a runway
for his jet. Karren Brady, on the board with the pair at Birmingham, is the
vice-chairman at West Ham. Gold cannot speak highly enough of Sullivan who
has been conducting the day-to-day negotiations of the takeover. He said:
"His determination and perseverance to succeed has been very impressive. "We
wanted the best deal for the club but, naturally, they were looking for the
best deal for their people and the financial institutions they represented.
It was tough! "This is an incredibly sweet moment but we have to put the
romance aside now and get on with a difficult job."
::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::
Zola is staying at the Hammers
The Sun
GIANFRANCO ZOLA met his new bosses last night and was told: Your job is
safe. The West Ham manager sat down with David Gold and David Sullivan and
was given the good news, as we predicted yesterday. Gold said: "He has our
full support. He has done a brilliant job these last few months and we are
here to help, motivate and inspire him and everyone at this club."
Meanwhile, Italian Massimo Cellino launched a bitter attack after his bid
for the club failed. He stormed: "I had everything stipulated to buy 100
per cent of the club and they decided to sell to persons who only took 50
per cent. "I was prepared to pay off the debts too and I was ready to make
major signings. "I think England didn't want me. The West Ham fans deserve
more."
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Sullivan: Magnusson is more unpopular than Hitler!
Published 23:00 19/01/10 By James Nursey
The Mirror
David Sullivan insists ex-chairman Eggert Magnusson should apologise for
West Ham's plight and says he is more unpopular than Adolf Hitler in the
East End. Former Birmingham owners Sullivan and David Gold yesterday took
control of the Premier League strugglers by paying £50million for 50 per
cent of the club. The pair have bought only half of the Upton Park outfit
from Straumur due to the club's astonishing £100m debts - revealed by
MirrorFootball on October 6. And Sullivan blames Magnusson's reckless
spending spree when he was chairman following the club's Icelandic takeover
in 2006. "They built up a business formula which didn't work," said
Sullivan. "Mr Egghead thought the owner would subsidise the debts. "But I
said years ago what this man is doing will not work and he will bankrupt the
club. "He went potty and decimated the club. I think he owes the club an
apology. "The joke is he actually phoned us up last year and said he would
like to be involved again. "I don't know what the man is thinking about. "If
he popped up as our new chief executive, people would think we have gone
mad. "I think of all the people in the world we could probably bring Adolf
Hitler here instead."
West Ham's finances have put the club under pressure to sell their prized
assets like Matthew Upson, Rob Green, Carlton Cole and Scott Parker. But
Sullivan intends to back boss Gianfranco Zola with around £15million for new
players this month and insists their stars are going nowhere. "I think the
players have got us in the state we are in and they are entitled to dig us
out of it," added Sullivan, who met Zola for talks last night. "We might
have to say to a player we will let them go but not until the summer and
only if we stay in the Premier League. "We won't let them go if we go down
because they have caused it and should pay the price."
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Stoke line up £5m transfer swoop for Middlesbrough ace
Published 23:00 19/01/10 By MirrorFootball
The Mirror
Stoke boss Tony Pulis is lining up a £5m bid for Middlesbrough captain Gary
OíNeil - after being priced out of a move for Scott Parker. O'Neil signed a
two-year extension in December but will be offered a quick return to the
Premier League with the Potters. Pulis is desperate to bring in a creative
midfielder this month and has been scared off West Ham's Parker after being
told to pay a whopping £15m.
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New West Ham owners plan shock Zamora move
Published 14:46 19/01/10 By James Nursey
The Mirror
West Ham's new owners are planning a shock move to bring Bobby Zamora back
to the club. East Enders David Sullivan and David Gold are keen to underline
their local roots and the club's heritage with a move for Barking-born
Zamora. Sullivan is willing to make around £15million available for new
players this month to keep the struggling Hammers up. West Ham's sporting
and technical director Gianluca Nani, who previously worked on transfer
targets, is set to be relieved of his duties. Sullivan is taking control and
wants to buy a new right-back, a wide-right midfielder and a striker to
bolster Gianfranco Zola's team. Zamora,29, has been in sensational form this
term - scoring 11 times to spark claims he could gatecrash England's World
Cup squad. The forward grew up supporting the Hammers and scored 40 goals
for them in 151 appearances between February 2004 - July 2008. He is
currently sidelined with a shoulder injury after getting injured at Stoke on
January 5 but hopes to be fit to play his old club Spurs on January 26. And
if he proves his fitness he could earn a move back to Upton Park on a bumper
wage. Last summer he almost joined Hull in a reputed £5m switch but the deal
broke down over personal terms. Now Zamora would command a higher fee due to
his recent resurgence.
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Why West Ham fans should embrace Gold and Sullivan
By Darren Lewis
The Mirror
Published 09:47 19/01/10
In the short term the West Ham fans might not be happy. But in the long term
they may come to understand that it is the best thing for the club. Given
the way in which Portsmouth and Notts County have been razed to the ground
by men who purported to be football people, it is better the devil you know.
Air Asia boss Tony Fernandes (who sounds like an extra from Scarface) may
have had a few bob but – as we can see with QPR – that doesn't mean he would
be willing to pump it into the football club. And as for the Intermarket
Group? Well, they came from nowhere but simply appeared not to have the
money to finance the deal. Birmingham were in the third tier of English
football when David Gold and David Sullivan took over. They bought the club
for £1 and sold it for £82million. They stuck by their managers, keeping
faith with Alex McLeish when he was relegated only for the Scot to take them
back up. And they are being rewarded with the best unbeaten run in their
history. Make no mistake either: Yes, new City owner Carson Yeung may have a
big fat wedge. But the run which could well take Birmingham into Europe is
being played out with a team bought by…Gold and Sullivan. The word is their
first move will be to snap up strikers Benjani from Manchester City and
Eidur Gudjohnsen from Monaco. That would surely have to be an improvement on
the lightweight, powder-puff attack they currently have. Their next move
must surely be to get rid of Director of Football Gianluca Nani, whose
signings have been appalling. The striker Savio is only a short-head behind
Alberto Aquilani at Liverpool in the race for the worst signing of the last
couple of years. Luis Jimenez was a shocker and, with the likes of Parma and
Chievo interested, West Ham need to get rid. And although striker Alessandro
Diamanti has actually found the net this season he, like Savio, looks too
lightweight to replace the injured Carlton Cole. But Gold and Sullivan
should sort that. And, more importantly, the future of West Ham looks a bit
more secure. It will be a massive shame if they go back on their word and
axe Gianfranco Zola for Mark Hughes, although they have said they will stick
with the Italian for now. Zola has done a wonderful job under the
circumstances, staying true to the West Ham traditions of developing young
talent. James Tomkins, Jack Collison, Junior Stanislas and Zavon Hines have
all come on a bundle under the Italian and I cannot see that Hughes will
come in and do a better job. Hopefully Gold and Sullivan will realize that
the best way to keep fans on side and get off on the right foot is to
appreciate that.
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