Source: Team_Talk
Sullivan and Gold increase Hammers stake
West Ham co-owners David Sullivan and David Gold hope to eventually allow fans to invest in the club after they increased their stake to 60%.[LNB] The pair, who previously owned Birmingham, took control of the Hammers in January when they bought it from Icelandic group CB Holdings.[LNB]They have now increased their share of the club from 25% to 30% each at a cost of £8million, with £4million going to CB Holdings and the other half to the club.[LNB]"We have a long-term intention of increasing our shareholding, while we have also invited professional investors to share in our vision for this special club," Sullivan said in a statement on the club's official website.[LNB]"Also, in the near future we hope to extend to supporters the opportunity to invest in the club.[LNB]"We are committed to putting West Ham on a firm financial footing that will form the basis, we hope, for success both on and off the pitch.[LNB]"Myself and David Gold are, like you, West Ham United fans and our aim is to ensure our club enjoys a stable and successful future.[LNB]"To this end, we have both invested a further £4million to increase our shareholding to 30% each."[LNB]Sullivan and Gold made public the scale of West Ham's financial problems following their takeover, putting a figure of £110million on the club's debts.[LNB]CB Holdings still own 40% of the club but Sullivan and Gold have a three-year option to buy those shares.[LNB]The pair sacked manager Gianfranco Zola on May 11 after the Italian had saved the club from relegation from the Premier League.[LNB]Their relationship with Zola was always difficult, with Sullivan describing the 3-1 defeat by Wolves in March as "pathetic".[LNB]Avram Grant is now expected to be named as the Italian's successor next week, following his resignation as Portsmouth boss.[LNB]Grant is currently on holiday with his family but is understood to have agreed in principle to join the Hammers.[LNB]Grant was top of a shortlist which was thought to have included Blackburn's Sam Allardyce, Blackpool's Ian Holloway and Cardiff's Dave Jones.[LNB]Grant worked wonders at relegated Portsmouth, taking the club to the final of the FA Cup, where they lost 1-0 to Chelsea.[LNB]The Israeli won many plaudits for the way he rallied the side when many of the players had their wages paid late and the club went into administration.
