Gold and Sullivan dealt blow in bid for West Ham are handed debt lifeline

16 December 2009 14:38
David Gold and David Sullivan's bid to buy West Ham has been dealt a major blow after the club's cash-strapped owners saw their debt repayments suspended until September.[LNB]Icelandic bank Straumur's application for a nine-month extension on their debt moratorium was granted by a Reykjavik court today.[LNB]The troubled bank, who own 70 per cent of the Upton Park club, will not have to pay a single penny of their huge debt until September 10, 2010.[LNB] Money bags: Gold (far left) and Sullivan (far right) will have to make an improved offer for the West Ham[LNB]A statement from the bank read: 'The District Court of Reykjavik has today granted Straumur-Burdaras Investment bank an extension of moratorium until 10 September 2010'[LNB]Today's ruling gives the Icelandic bank ample breathing space and time to negotiate an offer they class as acceptable in their quest to offload the Hammers.[LNB]Gold and Sullivan, who this week lodged a £50m bid to buy the club, are now likely to have their offer rejected with Straumur bank looking for at least £80m.[LNB] Under the Hammer! Gold and Sullivan try to snatch West Ham for just £50m West Ham owners set to reject £50m bid from David Gold and David Sullivan Liverpool boss Rafa Benitez to make New Year swoop for West Ham star Scott Parker WEST HAM UNITED FC

Source: Daily_Mail