Source: Telegraph
Sullivan and Gold's £50 million rescue package unlikely to satisfy West Ham owners
The announcement by the Icelandic courts will be used as evidence that CB Holdings does not need to urgently sell West Ham United — and certainly not on the cheap. However Rothschild, which has been appointed along with Standard Bank to field investment and takeover proposals, is sifting through up to four different plans.[LNB]The most high-profile of these has been submitted by the former Birmingham City co-chairman David Sullivan and though Straumur has been annoyed by the tactics used by him and his associate David Gold it has not, as has been claimed, summarily dismissed the plan. Not yet anyway.[LNB]West Ham at risk of European ban over accounts and takeoverThe likelihood is that the Sullivan plan, thought to amount to £50 million though only a small portion of this will go to CB Holdings, will be rejected because it is too low, but it has to be properly evaluated.[LNB]Sullivan, who wants an initial 50 per cent stake in the club, with a guarantee that he will be given control to hire and fire, is proposing to make about £20 million available to sign new players in January.[LNB]However, CB Holdings will not be bounced into a deal and maintains the financial situation is not as dire as has been portrayed. [LNB]
