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West Ham are taken over


Stifler
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The former Birmingham owners have bought West Ham.

 

They have gone on to say they will give money to Zola for the transfer window and want to have the Olympic stadium after 2012, lets hope if they do get it, then they have to pay for it unlike Man City who got theirs for nothing at the expense of the tax payer.

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Guest Stephen927

...the world? :lol:

 

Aye, lol, I said taking instead of taken.

 

Click modify on your first post, and change the thread title from there.

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They've bought 50% and have an agreement to buy the remaining 50% at a 'certain' price and it goes up after 4 months if they haven't purchased by then. Notice, he was begging for further investors which suggests they might not have as much money as appears.

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Guest Stephen927

Gold mentioned that he is good at wheeling and dealing, I don't think there will be much in the way of funds for Zola, it's all about reducing the debt which is why they've made it implicit just how much debt there is, so they can't be blamed later on for not making a significant investment. He did mention not selling their better players though.

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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.

 

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

David Gold

"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."

 

http://news.bbc.co.uk/sport2/hi/football/teams/w/west_ham_utd/8468159.stm

 

 

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http://www.telegraph.co.uk/sport/football/leagues/premierleague/westham/7027066/David-Sullivan-admits-West-Ham-buy-out-makes-no-commercial-sense.html

 

‘’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.’’

 

 

 

^

This sounds very familiar.

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http://www.telegraph.co.uk/sport/football/leagues/premierleague/westham/7027066/David-Sullivan-admits-West-Ham-buy-out-makes-no-commercial-sense.html

 

‘’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.’’

 

 

 

^

This sounds very familiar.

 

Yup, grabbing money left right and centre.

 

CUNTS.

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I think they will turn West Ham around.

 

They ran Birmingham very well from a business point of view (even though their mongy fans somehow turned on them despite the fact they'd probably still be playing in front of less than 10k in the lower leagues without them).

 

Still a pair of wideboy cunts mind.

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Now who might this be?

 

 

West Ham's new owner David Sullivan has offered a striker wages of £100,000-a-week to join the club.

Sullivan, who now controls the Hammers together with David Gold, admitted this week that the club are £110m in debt.

But with West Ham struggling in the league, Sullivan has made the offer to a "special" player to try to avoid the "horrendous" prospect of relegation.

Sullivan would not name the player but Real Madrid's Ruud van Nistelrooy has been linked with the club.

"We've offered £100,000-a-week to a player today and we are still not sure we are going to get him," Sullivan told BBC Radio 5 live. "That was a very special player.

"We are doing our best for West Ham but at the moment we are drawing blanks."

 

http://news.bbc.co.uk/sport2/hi/football/teams/w/west_ham_utd/8473694.stm

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Sensible start. Egghead is back in disguise.

 

If they give big wages for someone like RVN to come and score the goals that keep them up then it's worth it.

 

Especially since they will be getting rid of a lot of Eggy's daft signings asap to cut the overall wage bill.

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If they pay him 100k a week and he gets injured which he does a lot these days, they're in the same situation with huge amounts of money going out of the club for nothing. What will the likes of Collison think about someone earning 10x more than they do.

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