Source: Telegraph
David Gold and David Sullivan make £50m bid for West Ham
It is understood that the pair have adapted the bid they were planning to submit last week — as revealed by Telegraph Sport — so that at least a portion of the cash now goes to the club's present Icelandic owners, CB Holdings, in return for a 50 per cent stake with the option of eventually taking full control. [LNB]It is hoped this will now tempt the Icelanders into completing a deal. However, exactly how much money goes to CB Holdings has not been disclosed. [LNB] Related ArticlesLiverpool on their knees but looking to the heavensWest Ham's Gianfranco Zola seeks first win at ReebookFerguson vows to stick with kids for City semiBruce backs Villa for Champions LeagueSport on televisionCarlo Ancelotti: boos are a normal reactionStraumur, the Icelandic bank who own 70 per cent of CB Holdings, are insistent that they are in no hurry to sell and are tomorrow expected to be granted a nine-month extension to a debt moratorium which will relieve the pressure on them. [LNB]Privately there is annoyance at how Gold and Sullivan have conducted their business and, although the make-up of the bid is crucial to its chances of success, the offer would still appear to fall short of the valuation placed on West Ham by its current owners. [LNB]However the bid, which has been submitted to Rothschild and Standard Bank — who have been asked to raise investment for West Ham — will be given consideration. [LNB]As part of the package, Gold and Sullivan have also pledged to make funds available to strengthen the club's squad in the January transfer window although there is some scepticism over their claim. [LNB]Gold and Sullivan, who would employ former Birmingham managing director Karren Brady at West Ham, probably on a part-time basis, have suggested they will stick with the club's current management team of Gianfranco Zola and Steve Clarke. At the weekend, Gold claimed he wanted to be back in control of a football club by Christmas. [LNB]
