David Sullivan
Tony Fernandes, the Malaysian entrepreneur, remained locked in negotiations
on Sunday night as he attempted to buy West Ham United.
Telegraph.co.uk
By Jason Burt
Published: 7:30AM GMT 18 Jan 2010
Tony Fernandes's hopes of taking over West Ham were hit just as a deal
appeared likely to be agreed . An impasse was reached over the weekend,
although there was fresh hope on Sunday that a resolution could be found
with the consortium of banks and creditors who own the Premier League club.
Former Birmingham City co-owner David Sullivan also remains strongly in the
running to acquire the club from CB Holding, the company which was set up to
own West Ham United following the collapse of the business empire of
Bjorgolfur Gudmundsson. Sullivan could be allowed to make his move on
Monday. Because of the sensitive nature of the negotiations, it is not
entirely clear why a resolution with Fernandes has not been found. It had
been hoped that an agreement would be struck on Friday as talks appeared to
reach a climax. According to sources, the main sticking point on the
Fernandes deal is that he has made it clear he wants to take total control
of running the club and sorting out the finances. For this to happen, it may
be that he wants to acquire 100 per cent of West Ham immediately and that,
for some reason, CB Holding, and its principal shareholder, Straumur, the
Icelandic finance house, may be reluctant to allow him to do this. It is
more than likely they are haggling over the price.
Sullivan has proposed taking a 51 per cent stake and his bid, as with
Fernandes, is understood to have passed all the checks and balances while
due diligence has been conducted by both businessmen. One source close to
Straumur said: "Both are ready to complete." The hold-up is a frustration to
West Ham and their supporters as it eats up valuable time in the transfer
window. The club are unable to buy before they can sell and manager
Gianfranco Zola is reluctant to do that until he knows what the future
holds.
He is believed to be concerned over his own future, with strong indications
that Sullivan wants to replace Zola and hopes to recruit Mark Hughes, the
former Manchester City manager. If neither Fernandes nor Sullivan is able to
conclude a deal - and CB Holding maintain they do not have to sell - then it
could open the way for a bid to be made by the Cagliari president Massimo
Cellino who, like the Intermarket Group, has also signed a non-disclosure
agreement with the bank Rothschild.
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