CHARLES SALE: West Ham seek 40m injection as to reduce 100m debt

Published: 16 Feb 2010 - 09:22:38

Rss feed

CHARLES SALE: West Ham seek 40m injection as to reduce 100m debt

West Ham have begun a fund-raising drive by sending letters to potential investors asking for individual contributions of up to £10million while providing scant information themselves. The club are seeking to reduce their debts, which new owners David Sullivan and David Gold put at more than £100m, by raising a target of £40m from this 'investment opportunity'. But despite chasing such a huge sum and requiring a minimum investment of £250,000, finance house Shore Capital state that it will be by private placement - meaning the club can keep financial disclosure to a minimum and don't have to produce a prospectus. In the post: West Ham have sent letters to professional investors No clue has been given at this stage as to how the money raised will be spent or what investors might receive for their cash injection in the form of shares or securities. The terse bulletin sent from Shore Capital assistant director Stephane Auton demands 'background information on yourself or the institution you represent'. Seemingly expecting a positive response despite such minimal detail, he adds: 'Please provide an indicative non-binding range for your likely investment capacity.' West Ham deputy chairman Karren Brady, when announcing the scheme, said: 'Although this fund-raising is initially aimed at professional investors, I would love to be able to bring in our fantastic fan base as investors further down the line.' Senior officials from the Department of Media, Culture and Sport were yesterday contacting the Premier League, Football League and FA to rubbish a weekend report that the Government are seriously considering bringing in a football regulator in the wake of the game's financial problems. The same mandarins should perhaps also have a word with the source of the scare story, who also works at the DMCS. More from Charles Sale... CHARLES SALE: Olympics on alert after Ipswich Town owner Marcus Evans' offers14/02/10 CHARLES SALE: Inverdale's treatment of Sven Goran Eriksson a choker12/02/10 CHARLES SALE: Northern Ireland's claim rubbished over England visit for Windsor Park reopening11/02/10 Charles Sale: Michael Grade wants to succeed Lord Mawhinney as chairman of Football League10/02/10 Charles Sale: Barmy England put shirt on Kasabian09/02/10 Charles Sale: FA chasing £30m England sponsor08/02/10 Charles Sale: Wembley's tough line on box bandits07/02/10 CHARLES SALE: Protesters hunt down TV historian in bid to stop 2012 Olympics equestrian at Greenwich Park 05/02/10 VIEW FULL ARCHIVESky Sports cricket commentator David Lloyd has a date at the Old Bailey in April in front of the High Court judges after he returns from England's tour of Bangladesh. Bumble is not in trouble on this occasion, but has been summoned by the High Sheriff to be one of the regular guests invited to entertain the judges in session during their lunch break. No doubt Twitter devotee Bumble will reveal all to his 58,000 followers. There was some surprise among senior FA councillors at the choice of former Sky Sports Soccer AM presenter Tim Lovejoy to help with the live draw for the sixth round of the FA Cup last Sunday evening. The FA explain the use of Lovejoy, who isn't exactly a household name to the blazers, by saying he is 'popular with the fans'. Meanwhile, recent guests in the boardroom at Crystal Palace, who were in the draw, report that despite the club being in administration, the welcome and hospitality on offer is a considerable improvement on the visitor experience under former owner Simon Jordan, who put boardroom niceties low down on his list of priorities. Ferrari pasta masters Michael Schumacher, despite driving for Mercedes next season, still likes to go to the Ferrari motorhome for his pasta. According to a provocative post on Ferrari's own website, the seven-time world champion has enjoyed his favourite spaghetti with garlic and olive oil with them after testing in Valencia and Jerez. Ferrari add that their two cooks, Carmine and Felice, know how to satisfy Schumacher's palate and question whether the catering at his new Anglo-German team is 'up to the mark'. Food for thought: Michael Schumacher, driving his new Mercedes car Wayne Rooney's status as the hottest commodity in world football will be showcased today when he takes centre stage for Manchester United against AC Milan in the Champions League. Coca-Cola's energy drink brand Powerade launch their World Cup commercial at half-time featuring two Rooneys in a skills and endurance duel, while in the High Court, his former management company continue with a £4.3m claim on his earnings following their split with Rooney's agent Paul Stretford.