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No deal, Straumur tell Gold

Filed: Tuesday, 15th December 2009
By: Staff Writer

A report in this morning's papers says that CB Holdings are set to reject David Gold and David Sullivan's 50million offer for control of West Ham United.

According to this morning's Times, yesterday's bid by the former owners of Birmingham City will be turned down due to the major interest in CB Holdings, Straumur Bank, looking set to be granted a nine-month extension to their current moratorium.

An extension to the current agreement - which would be the second granted this year - would allow CB Holdings vital breathing space in their search for someone willing to meet their demands, considered unrealistic by many. Should the decision go against Straumur an instant sale would almost certainly be forced - however that appears unlikely to be the case.

Gold and Sullivan are said to have presented two different proposals to Rothschilds, the bankers appointed by CB Holdings to liaise with any potential bidders. The first offer was 50million for the outright purchase of the club, with a second reduced offer for a 50% share in the club.

CB Holdings - who look set to become the target of disenchanted supporters at this weekend's live TV clash with Chelsea - are thought to value the club at around 120million. With debts of around 40million to take into consideration the asking price is around 80million - some 60% higher than the figure offered by Gold and Sullivan.

Meanwhile one left-field rumour that continues to crop up concerns fomer chairman Terry Brown who, it is claimed, is involved with one of the other parties looking to put an end to the Icelandic's disastrous reign.

Brown walked out of West Ham some 70million the richer when he sold his shares to Eggert Magnusson and Bjorgolfur Gudmundsson in 2006 - just 15 years after he bought a place on the club's board with a 2million loan.

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by ray fielding
10:59PM 19th Dec 2009
''I think this club's only redeeming feature is the fact that the fans are loyal and continue to support the club and pay their money year after year for season tickets and merchandise. If they go down they will struggle to get back up next time as we dont have the squad to do it with.

As for the club being sold I hope that the Hammers consortium's bid is accepted. The 50 million bid by Gold and Sullivan is totally unacceptable.''

by gilbert
10:37PM 15th Dec 2009
''Surely the board must see that to get 120m they must remain in the Premier League? They will not get anything like that if we are relegated. So surely if they are not in a postion to make any money available to Zola then sell it for the best price you can get.

They can only hope to raise 50m through a fire sale and then there is nothing left...''

by adam
09:53PM 15th Dec 2009
''We are going down no matter who we get! WE ARE RUBBISH!''

by Tell it how it is Charley
09:56AM 15th Dec 2009
''Not Terry Brown again, I'm surprised he still has the audacity to show his face at the Boleyn - it's him that has caused all these problems that the club now face.

Surely if you have the best interests of the club at heart you will look into the prudence of whoever is taking the club over. Terry Brown emphasises all that is wrong with club. Perhaps he just wants to buy the club to try and save his 250k pension per year. Terry Brown if you're reading YOU'RE JUST ANOTHER LUCAS NEILL!

What has gone on since 2006 and the Tevez saga is absolutely demoralizing. If the club was properly run it would be a comfortable Premier League team although supporters need to accept that a football club is not a bottomless, endless pit of cash.

I think supporters should get ready over the next 5 years with seeing many clubs succumb to serious debt issues. You need to tackle greedy and corrupt practices in the game. Clubs must live within their financial means, some thing not many are doing at present.

Saving the club from their current predicament is not going to be easy. If they do get relegated then West Ham are absolutely finished. The only bright side is that Eggy didn't get his wish to build the 55,000 all seater stadium. God knows what the debt levels would have been like with that hanging over the club.''

by g portugal
08:41AM 15th Dec 2009
''Nothing changes. The current owners have no intention of selling unless they are able to do so at an outlandishly high price, Which ain't going to happen. Which will have only three consequences:

1- the sale of more key players in the window

2- the relegation of the club owing to a threadbare squad hampered by injuries

3- the pushing of the club into administration so that the Icelanpricks don't have to pay West Ham's debts.

If this club is not sold by the opening of the window, there is a very real chance that the club will be well and truly finished. Owing to the incompetence, greed and dishonesty of its current owners.''

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