Monday, 5 October 2009

David Gold and David Sullivan

From the News of the World:

The £100million takeover of West Ham by David Gold and David Sullivan is back on.

Now the sale of Birmingham City to Chinese tycoon Carson Yeung has been rubber-stamped, Gold and Sullivan have the funds to buy the Hammers.

But the pair will only make a formal move if the Icelandic bankers who own the London club are realistic about the selling price.

The Essex-based pair backed off last month when it was indicated that a £120m cash deal was wanted.

At the time, West Ham's owners were hopeful of creating an auction but no other firm bidders emerged.

The asking price has now dropped to £100m and I understand that takes into account about £50m of debt.

So Gold and Sullivan, who sold Birmingham for £80m, could land the Hammers for in the region of £50m in equity.

CB Holdings, an off-shoot of Straumur - which took over the club after the collapse of another bank, Landsbanki - were holding out for an economic upturnin the hope of increasing the price.

But key creditors in Iceland are now pushing to have their debts settled.

Gold and Sullivan have been biding their time but the pair are now poised to make their move and then radically overhaul the Hammers.

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