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Sullivan: No players to be sold
19 Jan 2010 - 14:55:50
New West Ham United owner David Sullivan insists no players will have to be sold this month despite admitting that the club is still £100million in debt.
Sullivan and fellow former Birmingham City co-owner David Gold completed a 50 per cent buyout of the Hammers on Monday evening and have set about providing assurances to supporters concerned that the likes of star players Carlton Cole, Robert Green or Scott Parker could be sold.
"Up until a month ago you constantly read and saw on TV that the current owners would have to sell their best players to stay in business," said Sullivan.
"We can reassure fans who were terrified that they were going to lose two or three of the best players that that is now not going to happen."
Meanwhile, Sullivan has revealed the full extent of the financial problems at Upton Park.
Icelandic bank Straumur continue to hold the other 50 per cent stake in the club, but Sullivan has a agreement to buy that out within a four-year period.
"We've paid down some of the debt and injected some working capital but there's still more than £100million of debt," he explained.
"In that there's £50million owed to banks, there's £40million owed to other clubs. There's not a penny to come in, they (the previous owners) have borrowed against the next two years of season-ticket money. The sponsors have paid 70 per cent of their three years up front.
"In addition there's the club's settlement to (former manager) Alan Curbishley, so the real debt is about £110million."