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Sullivan sets record straight on takeover

West Ham Joint Chairman David Sullivan has dismissed an informal approach to buy the club as “derisory” and says he has “no desire” to sell West Ham United to a consortium after being quoted by the BBC

“The offer was derisory,” Sullivan explained..

They never produced any proof of funds and were looking to raise funds to do the deal.”

Sullivan says he felt it was a “property not a football deal” and that the “vague proposal was not in the best interests of West Ham, its shareholders or supporters”.

A Daily Mail report suggested the consortium was prepared to give manager David Moyes funds to strengthen his squad.

However, Sullivan said: “At no time did they mention any money being available for new players.”

Sullivan said: “We have no desire to sell the club but get approached by many weird and wonderful people who lack the funds and have no experience in running a football club.

“Mr Beard did a truly exceptional job at QPR working with Tony Fernandes. Having done so well there he no doubt wanted to repeat the success at West Ham.”

ClaretandHugh says: Time and again it gets mentioned. Time and again it gets denied and the simple fact appears to be that neither David Sullivan or David Gold have any desire to sell West Ham United. We had stories of an American consortium being ready to move in last year and it didn’t happen. And until any of those involved in the attempted takeover this time around come out and state their case of position now we will need to accept the version of events as given. One has to wonder whether with the pandemic allegedly devastating football’s finances whether this is the right time for a takeover anyway.

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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

15 comments on “Sullivan sets record straight on takeover

  1. What a pity we appear stuck with these two. What interest do they charge the club ?

    • Stop moaning about the interest. The interest is negligible. You might find plenty of other reasons not to be happy with the owners but interest is the least of our worries. It’s a business not a charity so not unreasonable to expect interest on money lent.

    • David, the shareholder loans carry 4.0% interest according to Note 16 of the financial statements. I’m sure they’d welcome you providing GBP 53.5MM interest free and unsecured to replace their unsecured loan of that amount.

  2. The pandemic has absolutely no baring on whether it’s a good idea to sell the club or not. If the prospective owners will do a better job than the current ones. That’s all that matters.

  3. They have no intention to sell.
    At least not until 2023 when they don’t have to pay 20% windfall tax!

  4. I don’t deny most of the story – no proof of funds, vague proposal, no mention of funds for players etc. But Mr Sullivan then goes on to say bidders have no experience of running a football club, then says Beard “did a truly exceptional job at QPR working with Tony Fernandes. Having done so well there he no doubt wanted to repeat the success at West Ham.” Sarcasm? which doesn’t come over well in print. Sullivan says he felt it was a “property not a football deal” what property? except for the training grounds the club doesn’t own any significant property. As we all know the ground is rented and LLDC own and are developing all land around the stadium. If the bidders want to buy the stadium that’s the best part of £1 billion on top of the cost to buy the club.

    As with many communications from the club some of it makes sense, then it goes into areas that make to sense or don’t add up. As often happens Mr Sullivan says more that he has to.

    • Said tongue in cheek due to the balls up at Loftus Road, me thinks.

    • You seem to have missed the lines
      “Sullivan said: “We have no desire to sell the club but get approached by many weird and wonderful people who lack the funds and have no experience in running a football club.

      “Mr Beard did a truly exceptional job at QPR working with Tony Fernandes. Having done so well there he no doubt wanted to repeat the success at West Ham.”

      Many weird people…………
      Then Mr Beard did a truly…………………
      Not connected ?
      COYI

  5. Be careful what you wish for I say, by what logic do supporters imagine new owners automatically mean better ones ? If potential consortiums need to raise capital to buy the club that means debt from the off. I for one am happy with the way we are progressing under Messrs Sullivan & Gold, they are West Ham to the core.

  6. We have to face facts, when some of the concessionaire restrictions are lifted after the first ten years ( fast approaching), we will be ripe for picking.
    We have a sweet heart deal, low operating costs, huge loyal fan base that is the envy of many and a venue that is a tremendous billboard opportunity for certain entities.

    I’m not surprised that the current board has no desire to sell. Why would you cash out an appreciating asset before it realises maximum value. Arsenal’s owners turned down £2bn for a club in decline! Not saying we’re of equal value, just pointing out how much more growth opportunity is achievable out there before temptation is even becomes a factor, even then surely it’d be even harder to part with!

  7. David Sullivan says at no time did they the prospective new owners mention money for new players which is a bit rich coming from him given we are about to enter Europe and are in no way showing any desire to challenge for anything in fact we have been sending out signals that we are a selling club and what we have bought are kids who we will once again farm out and will offload in a few seasons to lower the wage bill. If Sullivan and Gold wont sell they must invest. A few seasons ago Pellegrini came in and blew all the cash now we have a real manager they fail to back him Well Mr Sullivan and Mr Gold if you really love this club you will let it go in the near future to someone who does.

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