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Buy now, pay later

Filed: Wednesday, 9th December 2009
By: Staff Writer

A number of sources are claiming that David Gold and David Sullivan have tabled a bid for a percentage stake in West Ham United.

The duo's departure from Birmingham earlier this season was mostly welcomed by Blues fans despite Gold and Sullivan having overseen City's return to the Premier League, before selling their stake in the club to Hong Kong-based businessman Carson Yeung.

Since then, Gold and Sullivan's interest in West Ham - their local club, and one with whom they have both been affiliated with in the past - has been widely leaked whilst several meetings with the club's current owners, CB Holdings, are reported to have taken place in recent weeks.

Today it was claimed that a firm bid had been made, with terms as previously leaked; the duo intend to pay a nominal fee for an initial substantial shareholding with an option to buy the club outright at a later date. The proposal is thought to include a January transfer budget for Gianfranco Zola with which to improve his under-stength squad.

Straumur, who hold a 70% stake in CB Holdings continue to insist that there are a number of parties interested in purchasing West Ham. They find out this Friday whether or not their request for a moratorium extension will, as expected, be granted.

Should the application succeed, the extention would allow Straumur - and therefore CB Holdings - a further nine months in which to provide guarantees to their creditors, meaning that an imminent sale of West Ham would be unlikely given the purportedly high asking price.

In the event that the moratorium is not granted, Straumur would almost certainly be forced to sell any assets immediately - including West Ham United.

* Since announcing their interest via the News of the World several weeks ago there is has been no further news regarding a purported bid from the previously unknown and somewhat elusive Intermarket Group.

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