A Claret and Hugh reader who is a corporate lawyer by trade has explained and clarified the process behind most takeovers.
The reader who wishes to remain nameless explained that offers aren’t generally made by solicitors, but by Corporate financiers usually only after initial discussions have taken place to sound out owners.
When solicitors get involved they often put a non-disclosure agreement in place at this point, so details shouldn’t be revealed in the public domain after that point.
He adds that it’s highly likely that ‘feeler’ offers will have been put out, in an effort to gauge what figures the club would accept. It also would only be sent to major shareholder and not all shareholders at this point.
He adds that although West Ham would be a long way at this stage from being taken over these feelers being put out doesn’t mean the interest isn’t serious. It just means the consortium, or individual buyer needs to know what ballpark they’re playing in. Is it £350m, or £500m for example.
The lawyer suggests that there are a number of buyers who might be interested, but they’re all at the very early stages of working out (a) is it financially viable and (b) what figures does Sullivan want and structured in what way.
Much as I hope this is serious interest, am not confident that it is anything but diversionary, the current chairpeople have taken the club as far as they can, they are clearly at least 2 of them anyway fans. Fingers crossed they can find it within themselves to return to that status while handing over the reigns to the next custodians.
West Ham Fan No 32 – I think bridges have been burnt now between the owners and the fans. They will never have anything but reviled status for moving us away from Upton Park and not backing that up with the promises they’ve made. The fact that Sullivan is still, essentially, our director of football (Brady’s words) tells you everything you need to know – he loves power.