Talks over the future ownership of West Ham United were on a knife-edge on
Friday night with Malaysian entrepreneur Tony Fernandes and former
Birmingham City co-owner David Sullivan vying for control of the Premier
League club.
Telegraph.co.uk
By Jason Burt, Deputy Football Correspondent
Published: 8:00AM GMT 16 Jan 2010
Front-runner: Tony Fernandes the Air Asia chief executive, is a lifelong fan
and one of the favourites to take over West Ham . Sources close to the banks
conducting the deal suggested that Fernandes, who was in intensive talks all
day with lawyers and financiers, was "90 per cent there" in terms of
concluding the sale and taking over. Talks continued late into the night and
an announcement may come on Saturday or Monday. It will be that extra 10 per
cent that will, however, concern West Ham supporters who have agonised over
their club's future.
Sport on television Fernandes, the owner and chief executive of Air Asia and
a lifelong West Ham supporter, is not the only bidder, of course, and
detailed negotiations have continued with Sullivan who, according to
sources, was also close. Both parties completed due diligence and had the
necessary paperwork to support their bids ratified, having made their
presentations at the start of the week.
Telegraph Sport also understands that it is not just the future of West Ham
that is being decided but also that of manager Gianfranco Zola. If Sullivan
gains control it is believed that he will seek to replace the Italian with
Mark Hughes, who was sacked by Manchester City just before Christmas.
Fernandes, the favourite, is fully supportive of Zola, who is deeply
concerned about his future.
Beyond Fernandes and Sullivan – the two front-runners – there are other
parties with Massimo Cellino, the president of the Italian club Cagliari,
continuing to assert that he has made the best offer to CB Holding, the
company that owns West Ham.
However, it is understood that further talks will take place with Cellino
only if a deal cannot be agreed with Fernandes or Sullivan. It is also
believed that Cellino would sack Zola, even though he finished his playing
career at Cagliari. There are concerns as to whether Cellino would pass the
Premier League's fit and proper person test after his involvement in a fraud
case.
The Intermarket Group, a finance company which has sought investors, retains
an interest and, at one stage this week, claimed it was the preferred bidder
but this has been dismissed by sources at CB Holding and West Ham, although
they do not rule them out should other offers fail and they provide proof of
funds.
Key to Fernandes's plan, it is understood, is having full control so he can
proved a stronger platform for the future of the club. There have been
concerns about the level of debt – £38 million plus the £20 million due to
Sheffield United over the Carlos Tévez affair – and, more pressingly, the
terms under which the debt has been negotiated. None of these problems
though are insurmountable.
Nevertheless, all bidders have been frustrated by over the stance taken by
CB Holding and the five banks who are owed money by the club – Straumur,
Glitner, Standard Bank, Lloyds-TSB and Royal Bank of Scotland – who are
trying to drive as hard a bargain as possible before they transfer
ownership.
Sullivan has proposed taking an initial 51 per cent stake, with a
controlling interest and an option to buy out Straumur and the other
creditors who are owed money following the collapse of the business empire
of former owner Bjorgolfur Gudmundsson.
Fernandes made a similar proposal with, it is believed, slightly better
financial terms but, according to sources involved, it has since been
suggested he wants to conduct a full buy-out now to give West Ham a better
footing.
There has been a rising sense of desperation at West Ham over the ownership
issue with Zola unable to strengthen his squad until fresh investment is
found or who is in control is decided. Hopefully that is now reaching its
endgame.
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£115,000 Fine, But No Closure of Upton Park!
West Ham Till I Die
So, the punishment has now been handed down from on high. The FA have
decided to be sensible and fine the club £115,000 for being found guilty of
two of the four original charges brought against them.
The club are to be congratulated for energetically contesting the four
original charges and winning the argument on two of them. This undoubtedly
reduced the range of punishment open to the FA, including the possibility of
closing Upton Park for some designated future home fixture.
A statement from West Ham states that:
"West Ham United are awaiting receipt of the full findings of the FA
Regulatory Commission after being fined as the result of the disturbances
following the Carling Cup match with Millwall on August 25.
"The club have been fined £115,000 for provocative behaviour and pitch
incursion by supporters on the night.
"The club have 14 days to appeal the finding on receipt of the Commission's
full written reasons."
I would be very surprised if the club appealed against the FA's punishment.
Afterall, there are undoubtedly more pressing matters at the moment, like
the proposed takeover of the club and doing vital business in the second
half of the January window!
As for the takeover, it really is proving painful waiting for news of a
break through. If and when it happens, lets hope that it is the right deal
for the long-term future of the club. It is interesting that Zola has
broken his silence to state that the uncertainty is starting to affect the
morale of the playing staff. And no doubt he anxiously wants to get his
hands on any transfer pot arising from the takeover.
There is still time to do business, but the deal needs to go through soon.
The new owner and C&B Holdings need to make arrangements to ensure that the
transfer funds are fast tracked to Zola, Nani and co. Without further
delay!
We can but live in hope!
SJ. Chandos.
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Davids sweat on Hammers bid
The Sun
By ROB BEASLEY
Published: Today
DAVID SULLIVAN and David Gold were left sweating last night over their £46m
bid to buy West Ham. Their big rival, Malaysian Tony Fernandes, spent
yesterday in talks with Hammers chief executive Scott Duxbury and Nick Igoe.
Fernandes still has to convince the club's owners, Straumur, that he
actually has the money to buy the club, whereas Gold and Sullivan have
already put their £46m on the table. Meanwhile Italian contender Massimo
Cellino was back in Italy, still claiming he was in with a chance. A top
West Ham source revealed: "A deal is very close now, it could all be
confirmed on Saturday or Monday by the latest. "Make no mistake, Fernandes
has come to London to buy the club and he's very confident. "And he's happy
to leave Gianfranco Zola running the team and Scott Duxbury running the
club, whereas Sullivan and Gold may make changes. "But Fernandes must have
proof of funds - not that he can raise the money - but that he can actually
deliver it to the club. "That's where Sullivan and Gold have an edge, they
have shown their money actually exists. "Fernandes is willing to pay more -
around £100m - so if he can show he has the money, then it's all over. "If
he can't, then Sullivan and Gold will be the new owners." Fernandes founded
Air Asia and now has a fleet of 90 planes and a thriving business. He is
also the man behind new F1 outfit Lotus. Meanwhile, rival bidder Cellino,
president of Serie A Cagliari, broke his silence over his £40m bid. Cellino
said: "I have proved that my offer is a serious offer. But they (West Ham)
are checking all the documents."
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Franco Fights for his future
The Sun
By ADAM SIMMONS
Published: Today
GIANFRANCO ZOLA insists he will fight tooth and nail to remain manager of
West Ham. Doubts are growing over the Italian's future as a takeover bid by
Cagliari president Massimo Cellino takes shape. Cellino is considering
making wholesale changes to the club's management. The Hammers have endured
a wretched season and sit just outside the relegation zone. But Zola remains
defiant and says he is ready to ride out the storm as the clouds continue to
gather over Upton Park. He said: "I know that in my job you are under threat
all of the time. "I can only focus on the things that are under my control.
This is not under my control and I'm not going to spend even a second
thinking about that.
"I have to push myself and the players to do the best we can in the
situation. If we get through we will be better players and managers. "I
cannot affect things that are not under my control? What can I do? "I'm not
going to bang my head against the wall because of that. I am going to
fight."
Zola's men travel to Aston Villa tomorrow, having managed just one victory
away from home in the league this season. And the 43-year-old says that this
season has proved a reality check after the team's impressive finish to last
term. He added: "I've had doubts about myself and that's normal when the
situation isn't going in the right direction. "But then I go back into my
history and I say, 'Franco, you've always been in so many difficult
situations and you've always come through'. "I rely on that. No matter what
comes against me I am going to react and fight back and there's no doubt
about it."
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LOPEZ AVAILABILITY ALERTS HAMMERS
Gremio allow Argentinian to leave
News Of The World
By Adam Marshall, 14/01/2010
WEST HAM have been alerted to Maxi Lopez's availability as the FC Moscow
forward seeks a return to Europe. The Argentinian attacker has been on loan
with Gremio but the Brazilian side have allowed him to leave as his wife is
believed to be unsettled in South America. Lazio have long been favourites
to snap up the former Barcelona man but talks have been dragging on for some
time. Although more discussions are planned in Rome this week, there are
rumours that the Hammers have thrown their hat into the ring - despite the
uncertainty at Upton Park with the East Londoners on a brink of a takeover.
Gianfranco Zola is well aware of Lopez's talents but is likely to have his
hands tied during the transfer window. Any positive news on the takeover
front, plus the sale of one of the club's star assets such as Matthew Upson,
would give him a bit more leverage to bring in fresh blood. Lopez is likely
to be available on a loan basis from Moscow and a move to London would
appeal.
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