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

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.Icelandic bank Straumur's application for a nine-month extension on their debt moratorium was granted by a Reykjavik court today.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. Money bags: Gold (far left) and Sullivan (far right) will have to make an improved offer for the West HamA 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'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.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. 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