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PAI release delayed takeover press statement

The statement in full:

PAI Capital can confirm that we have reached the core principles of agreement with LLDC regarding a long term lease over the London Stadium that would see PAI taking full control of the Stadium.

This would be on condition of PAI successfully concluding a deal for majority control with the current owners of WHU. The Stadium needs to be a home of which the Club and its fans can be proud. The Boleyn has gone, times move on and with the right adjustments – and under single ownership – we believe that this Stadium can meet the needs of fans old and new.

It will require changes to the configuration within the Stadium itself, as well as extended facilities for fans in and around the ground, that will’significantly improve the match day experience. As things stand, divergent interests prevent the Stadium from reaching its full potential – despite it attracting the biggest events in sport and entertainment. The current arrangement between the Stadium owners and the club limit opportunities to integrate the Club and the Stadium into the Olympic Park as a whole.

Our vision is for the Club’s interests and activities to be integrated with those of the entire Park – friends and families coming to watch men’s, women’s or Academy matches should be able to enjoy everything the area has to offer instead of being shuffled from station to seat and back again.

The agreement in principle has been developed with input from some of the most experienced people in the sport and entertainment space. At this stage it rightly focuses on the outlines plans for purchasing the Club, then the Stadium, but we also believe that further discussions can explore how the club can best contribute to enhance and maximise usage of the Park both for the benefit of the Club and for the wider east London community. 

Phil Beard of PAI states: “In summary, we are pursuing an ambitious and complex deal. There has been too much controversy and contention over the past few years. We genuinely believe that the Club, Stadium and Park will thrive when the stakeholders are all pulling in the same direction. The only thing holding us back, for now, is the reluctance of the Club’s owners to engage in constructive and realistic negotiations. We believe they are willing to sell, and hope we can make progress in the coming weeks.”

Nasib Piriyev of PAI adds: “We do not underestimate the challenge – nor the importance – of running a football club. We have an experienced, dedicated team in place for this aspect, with ambassadors of the Club playing a key role to ensure that we stay true to the claret and blue traditions. We cannot recreate Fortress Upton Park at the London Stadium, but we can make significant improvements to the configuration, the catering and hospitality, and the transition from station to stadium for the fans. Moreover, we intend to stay loyal to the core values of the Club. To that end, we are delighted that the likes of Rio Ferdinand have agreed to be involved.”

Rio Ferdinand confirmed his commitment to the project: “We love this Club with a passion, both Anton and I are really happy that PAI want to come in and help improve the experience for fans, and I’m delighted they have asked us to play a big part in the Club if their bid succeeds. Obviously, we know what this Club means to the community and how much the fans want to continue to see homegrown talent come through into the first team. It’ll be an honour to be able to give something back to a Club that means so much to me, Anton and our family.”

Claret and Hugh say: PAI Capital have released their statement on their proposed West Ham United takeover and there is further confusion with their words and no financial details. So they have an agreement to take over a stadium losing £30 million a year but fail to explain how much they will be offering for the club and how much they intend to put into it. Doesn’t amount to much as it stands. The private equity firm claims they have reached an agreement with London Stadium owners (London Legacy Development Corporation) over a long term lease for the stadium on condition PAI successfully conclude a deal to buy the football club. They also appear to be suggesting they would also lease the Queen Elizabeth Olympic Park in addition to the Stadium. The statement lacks any numbers or any real detail or how much investor money they have to spend this ‘ambitious and complex deal’ to use their words. Another surprise has been the announcement of the Ferdinand brothers Rio and Anton backing the bid with Rio giving a quote to the press statement. Ex QPR CEO Philip Beard and PAI founder Nasib Piriyev also give quotes putting their names to the latest of a takeover approach played through the media instead of lawyers. All very bizarre and odd.

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About Sean Whetstone

I am Season Ticket Holder in West stand lower at the London Stadium and before that, I used to stand in the Sir Trevor Brooking Lower Row R seat 159 in the Boleyn Ground and in the Eighties I stood on the terraces of the old South Bank. I am a presenter on the West Ham Podcast called MooreThanJustaPodcast.co.uk. A Blogger on WestHamTillIdie.com a member of the West Ham Supporters Advisory Board (SAB), Founder of a Youtube channel called Mr West Ham Football at http://www.youtube.com/MrWestHamFootball, I am also the associate editor here at Claret and Hugh. Life Long singer of bubbles! Come on you Irons! Follow me at @Westhamfootball on twitter

53 comments on “PAI release delayed takeover press statement

  1. Let’s be honest… the reason you don’t like this is because they will cut off your link to the board

    If you had the best interests of West ham at heart, you would be all in favour.

    On behalf of every single west ham fan out there, please put your own interests to one side and get behind this

    I suspect this also won’t get published

  2. No thank you, especially if the Ferdinand brothers are involved.

  3. So absolute no detail.
    Ferdinand who couldn’t get away from the club quick enough as a youngster, he loves the club so much he left as soon as he could.
    They missed their own deadline for their statemente, let’s hope they don’t get involved on deadline day!
    A bunch of chancers, good business people do their business in private, look at Man City, Man United, Chelsea.
    Purchase done, move on.
    We thought Sullivan and Brady like the press publicity, this lot haven’t done anything yet and they are making statements blah blah blah.
    New owners with serious money and investment, not these chancers.
    This fella was involved in wiping QPR out so should be banned from being involved in a football club. He tried to move QPR in a big property deal it fell through and he walked…

  4. Sean, as a lawyer, they will no doubt be subject to an NDA which I’m sure you already know. You therefore know that they can’t legally provide any of the information you claim the statement lacks. It’s simply a statement of intent, which is generally prohibited prior to M&A transaction – which means it’s not ‘bizarre’ or ‘odd’ as you put it. They also have stated that they reached an agreement with the LLDC (although I doubt this is formal) but I also question that if they had ‘made it up’, the LLDC would be quick to come out and deny it. This remains to be seen. Finally, your point about it being ‘played through the media’ is simply a buying tactic – build momentum and support for the purchase/momentum to push the owners to sell. I’m surprised the NDA between the parties doesn’t have a complete prohibition on statements, but with GSB, I imagine they didn’t want to pay lawyers fees to review it before it was signed…!

    • As another lawyer, was going to make the same point. It is only bizarre and odd Sean because you support the current board. We, as a club, have gone backwards under GSB, the debt is still there after 10 years but now we don’t own our ground and are nothing but tenants. A lot more to come I’m sure and a detailed takeover and business plan will be forthcoming in time I am sure but the current owners either cannot or will not take us any further, so time to go, you will still make a tidy some out of the deal.

  5. I don’t like our current owners. I want new owners.

    But this looks soooo sooo sooo sooo soo cagey. The haven’t provided any details what so ever. Sorry but we would be the new QPR with these owners. They look just as doggey as our current ones

  6. As you say, it doesn’t amount to much as it stands.
    What is the present owners & LLDC’s position?
    A statement from either or both would be good.
    As the old saying goes:
    Talks cheap, it’s money that buys houses.

  7. Lots of words without saying anything. No mention of the initial promise of ‘buying and owning’ the stadium…. Just an agreement with the LLDC for a ‘Long term lease’. I’m sorry but isn’t this what we already have?!
    Shame our club only attracts these shady characters and shame on Rio for jumping on the bandwagon without doing any due diligence. I wonder what his price was for the starring role of this particular circus.

  8. NOT EVERYTHING CAN BE MADE PUBLIC. 😂

    Surely you guys understand how business works right?

    They will be subject to NDAs and such.

    You’ve just made yourself out to be abit of a fool with this one mate.

    • Surely a simple line about significant squad investment could have been included if that is indeed their intention?! Seems strange to not even mention this seeing as that is what most supporters are crying out for….

    • Yes we do and it isn’t through the media – only lawyers

  9. Watch this space, I guess. I don’t see anything unusual about lack of numbers at this stage. However, we don’t need this uncertainty going into a new season and it’s not going to help player recruitment

  10. Rio hahahaha….he ain’t a legend, neither is his brother. But this website is pro GSB end off.

  11. Is this the same Rio Ferdinand that’s urging Declan Rice to leave West Ham?

  12. That just looks like a move to develop some very lucrative land whilst selling off chadwell heath and rush green.

  13. Sorry Sean, but I think you have misunderstood the statement. PAI are very clever, I assume they can’t release detail about funding due to acquisition laws, but by releasing this statement they increase pressure on Gold and Sullivan to sell from the fans.
    I don’t know if they will be better than GSB, but they won’t give loans to the club at 7 % interest. They won’t undervalue players they are trying to buy. They won’t only pursue transfers that are loan first, but later. They will invest in our academy.
    GSB are in for the money and the so called fans have no interest in team, only the money it generates.
    I am wanting anyone with good intentions to take over as the current board have shown time and time again they do not follow through with what they say

    • “GSB are in for the money”. Do you know what an Investment Consortium is and what it’s created for? It’s sole aim is to generate profit for it’s investors. There is no profit running a football club so how do you think they’ll make this money for their investors?

  14. Sean/ hugh with all the takeovers that have come up over the last few years ,,have you fancied any of them ??? Or are you against any takeover that comes knocking, even if there’s a good chance it will be good for the club….just wondering??

  15. No substance to this whatsoever. What are the GSBOUT brigade seeing in this that the majority of the West Ham fanbase isn’t?

    No mention of anything other than leasing the stadium and surrounding area!!!

    Yep, sounds perfect to me…! Just more ammunition for the wally’s out there to use against the board. Great.

    • Majority of fans back the board??

      Eh??

      I assume you don’t go to games…

      • I do, and i hear a minority shouting as loud as they can to make themselves sound like a majority. Typical of those who don’t get their own way. Almost childlike, really

      • Your wasting your time James…..you will get belittled having different opinions….agree its definitely more 50/50 split with fans now when it comes to the owners…more and more each month are getting the hump,,,..its plain to see something is not right…

        • Loooool – amazing . We aren’t belittled of course for having a different view Loooool

          • 🤣🤣🤣🤣🤣🤣🤣oh god hugh your at it again..calm down that was not aimed at you ..looooool my god…you still get worked up loool ,, maybe ill start with ,not aimed at you hugh in brackets.fron now on ……🤣🤣loool

          • Maybe you have missed the lies and insults heading in my direction mate. You’re okay. I have no problem with you at all

  16. Think this statement if true shows the lack of financial acumen from a team who ran QPR into the ground. The rental deal is a deal of the century, these numpties are willing to go bankrupt on a high risk gamble. I suspect they would asset strip the squad, get us relegated possibly never to financially recover whilst pocketing large sums of cash for themselves.

    • Uh this consortium was not in control of QPR, let’s get that straight and there will be a lot more to come when the time is right and under acquisition law and NDAs they are able to do so. I think there is a lot there to be interested enough to hear more.

    • Only interested in Park development and profit methinks.. Basically all they go on about -club means to an end i think. Could have fairgrounds on the way in=make money !!!!!!!!!!!

  17. Even if the worlds richest men wanted to buy the club & pour their fortunes into us, C&H would still be against it. Just what do GSB have to do before you doubt them? Broken promises, at best misleading us fans, charging their own business interest (they are meant to be fans but take money out of the club), mortgaging everything the club owns & constantly plead poverty.
    Imho they will not sell until after 2023 to avoid paying anything back to the government.
    There is only one reason they bought the club & that is ££ they’re playing the long game & there is near enough a cast iron guarantee that they will walk away from us without losing a penny.

  18. Well done, Hugh. And not before time. Why give these trolls the oxygen to mouth their hatred. Never a pleasant read.
    COYI

    • I’ve spent a lot of time binning and blocking them tonight. It’s the lack of intelligence and ability to discuss both sides of a situation without hatred and personal anger which is rather irritating. CandH refuses to be anyone’s rage therapist mate. Thanks for your support Taffy

      • Damn straight; this World, right now, gives too much credence to the opinions of morons that are based on nothing but ill thought out ideas and notions. You ask them to explain why they have these opinions and you get nothing in return. The lack of intelligence is actually quite scary

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