WHUFC.com
The club are delighted to confirm that David Sullivan is the new owner of
West Ham United
19.01.2010
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 last night, values the
club at £105 million. 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."
Mr Sullivan will hold a media conference at the Boleyn Ground, Upton Park
from 12.30pm today. Accredited media representatives are invited.
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David Gold and David Sullivan seal West Ham takeover
By Simon Austin
BBC.co.uk
Former Birmingham City owners David Gold and David Sullivan have taken
control of West Ham with a 50% shareholding, BBC Sport understands. An
announcement is expected at 0900 GMT following the takeover from CB Holding.
The club is valued at £105m and their stake in it will give the duo the
final say on all club matters. Lotus F1 chief Tony Fernandes pulled out of
the race on Monday night, while finance firm Intermarket and Italian Massimo
Cellino were also interested. The deal concludes a long-running saga over
who will succeed CB Holdings, which has indicated the club is £38m in debt,
as owners of West Ham. Gold and Sullivan, who left Birmingham City in
November following Hong Kong businessman Carson Yeung's takeover, have been
determined suitors of the Hammers for several months. They once held shares
in the club and boast the liquid assets required to deal with the club debt.
The main shareholder in CB Holding is Icelandic bank Straumur, which has
previously said it was in no hurry to sell the club, although that was
before the various bidders became known.
At one stage Fernandes was seen as the favourite to take over but admitted
defeat on Monday evening when he told his Twitter feed: "Deal lost on West
Ham. Hopefully new owners protect what's good. We gave awesome deal and new
ideas to rejuvenate a club and bring excitement."
West Ham have effectively suspended any activity in the January transfer
window until the takeover situation is resolved. And 5 Live's senior
football reporter Ian Dennis said: "This will be a relief, not only to the
supporters but also to manager Gianfranco Zola, so that they can now
concentrate on on-the-field matters. "My understanding is that they don't
have to sell in the transfer window. There have been rumours about Scott
Parker maybe moving on but I don't think there will be any departures from
Upton Park."
It was reported that the future of Hammers boss Zola would hinge on which
bid won and he had acknowledged on Sunday the situation was frustrating.
These players, this team, they deserve to be helped. Stability for the club
would be massive," he stated after a 0-0 draw at Aston Villa on Sunday
lifted his side out of the Premier League relegation zone.
"Right now we can't do anything we just have to wait for something to happen
with the club. Once we know where the club is going, then we have a chance."
Former Chelsea favourite Zola, and assistant Steve Clarke, took the
managerial reins at West Ham in September 2008 after Alan Curbishley's
departure. The pair guided West Ham to ninth in the table after a sticky
start. West Ham are currently 16th in a season that has been plagued by
injuries and off-the-field distractions. "I know I can do this job but you
always have to prove yourself every day," said Zola on Friday. "I am not
going to go to anyone and say 'look, I am doing well'. The results do the
talking. If what I am doing is not good enough on the pitch it is right they
change."
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Duo seal Hammers takeover
Gold and Sullivan close to buying West Ham
Last updated: 19th January 2010
SSN
Sky Sports News understands that David Gold and David Sullivan have
completed their takeover of West Ham United. The former Birmingham City
co-owners have pieced together a package that valued the Upton Park side at
£105million. Sullivan has taken control of 50 per cent of the club, although
West Ham are yet to confirm the news officially.
Karren Brady, who worked with the duo at St Andrews, is expected to be named
vice-chairman once details of the deal are revealed. Tony Fernandes, who was
one of four parties looking to buy the club, conceded defeat in his chase
for the Premier League side. The Malaysian businessman revealed on his
Twitter feed: "Deal lost on West Ham. Hopefully new owners protect what's
good. "We gave awesome deal and new ideas to rejuvenate a club and bring
excitement."
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GIANFRANCO ZOLA'S JOB SAFE AT WEST HAM AS DAVID GOLD AND DAVID SULLIVAN TAKE
OVER
Daily Star
19th January 2010 By Duncan Wright
DAVID Gold and David Sullivan have completed their takeover of West Ham -
and will assure Gianfranco Zola his job is safe. The former Birmingham
owners will hold a press conference today to confirm their purchase of the
cash strapped Hammers. They have beaten off competition from fellow Hammers
fan Tony Fernandez, investment group Intermarket and Italian businessman
Massimo Cellino to win control at Upton Park. Icelandic bank Straumer was
expected to accept a £46m offer. Sullivan and Gold will take a 50 per cent
stake, and provide money to spend on bringing in new players this month.
The debts of the club would then be serviced at to an agreed structure, and
the Hammers would finally find some stability after two years of turmoil.
Their arrival will also come as welcome news to Zola and his assistant Steve
Clarke, who have been forced to operate on a shoe-string budget and have
also seen others linked with taking over their jobs.
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Gianfranco Zola's Job Safe As David Gold & David Sullivan Complete £105m
Takeover Of West Ham United - Report
Hammers future secure...
Jan 19, 2010 6:10:00 AM
Goal.com
David Gold and David Sullivan have put an end to the West Ham United
takeover saga by completing a £105 million deal, according to the Daily
Mail. It is claimed that the aforementioned sum has fetched a 50 per cent
stake in the club, while the duo will now take on the club's debts. The
former Birmingham City owners - who have the reputation of giving managers
fair chance to prove their mettle - will reportedly give Gianfranco Zola
enough time and financial back-up to prove that he is worthy of the Upton
Park hotseat. It is said that the primary objective during the current
transfer window will be to bolster the attacking third of the pitch with
bids for Manchester City hitman Benjani and Monaco's Eidur Gudjohnsen. It is
expected that the majority stake holders will also go ahead with the plan to
move out of Upton Park to the Olympic Stadium following the London Games in
2012. The key to the relocation scheme is said to be the appointment of
former Brum managing director Karren Brady, who was the first woman to
occupy such a position in the English top-flight. It is said that Malaysian
business tycoon Tony Fernades gave Gold and Sullivan a run for their money,
while the Intermarket group are also believed to have held talks with the
club's brokers Rothschild. West Ham are currently placed 16th in the Premier
League standings.
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Premier League - Gold and Sullivan take over West Ham
Eurosport - Tue, 19 Jan 08:31:00 2010
David Gold and David Sullivan have taken over West Ham in a deal valuing the
club at £105 million, according to reports. ..The deal was completed late on
Monday night with the BBC reporting that the former Birmingham City owners
have taken a 50 per cent share in the club. Much of their stake comes in the
form of taking on a share of West Ham's debts, thought to be around £70
million. The duo will reportedly bring a transfer kitty of around £8m for
manager Gianfranco Zola to use in January, while they will also bring former
Birmingham chief executive Karren Brady in as the club's vice-chairman. Gold
and Sullivan have been actively pursuing the Hammers deal since completing
the sale of Birmingham to Carson Yeung in November. Their main competition
for a deal came from Lotus F1 chief Tony Fernandes, who revealed on his
Twitter page on Monday night that he had pulled out of the race.
Toby Keel / Eurosport
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Gold n Brady in Hammers Deal
The Sun
By ROB BEASLEY
Published: Today
DAVID GOLD, David Sullivan and Karren Brady were celebrating last night
after closing in on their West Ham dream. The former Birmingham City
supremos look certain to win their long, drawn-out struggle for the
cash-strapped East End club. All that stood in the way last night were legal
formalities - but once the i's are dotted and the t's crossed on contracts
this morning, West Ham is theirs. The trio have doggedly fought off rival
bids from Malaysian millionaire Tony Fernandes, Italian Massimo Cellino and
US firm Intermarket. Gold and Sullivan, both West Ham fans, are expected to
be unveiled as the new owners this lunchtime. Straight after the big
announcement they will go into a board meeting to formally begin their reign
at the Boleyn Ground. One of their first moves will be to formally appoint
Sun columnist Brady as their vice-chairman. Brady is Sir Alan Sugar's new
advisor on BBC TV's The Apprentice, whose catchphrase is 'You're Fired'. The
new Then they'll quickly turn to helping beleaguered boss Gianfranco Zola by
giving him the green light to sign players in a bid to avoid the threat of
relegation. But undoubtedly their top, long-term priority will be dealing
with the mountain of debt they will inherit as part of the purchase of the
club from out-going owners, Straumur. Some insiders fear West Ham owe close
to £100m and that huge sum would test even the business acumen of Gold and
Sullivan. As exclsuively revealed in The Sun, Gold and Sullivan are
commiting around £46m for half of the club, with current owners Straumur
keeping the other 50 per cent. But they will have total control to run the
club as they see fit, with no intereference from the Icelandic bankers.
Sources close to the pair say they will be quick to explain just how severe
the club's problems are and how tough a task it will be to put things right.
One pal said: "In one way it's a victory because they seem to have won the
day and clinched the deal amid stiff competition. "But there is also a
realisation of the daunting task ahead and just what a challenge they face
now that they are finally in control." There will inevitably be changes.
Manager Zola and coach Steve Clarke appear safe for now. But chief executive
Scott Duxbury, technical director Gianluca Nani and financial director Nick
Igoe will not be so lucky.
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