Gold & Sullivan take over West Ham FC
Tue 19th Jan 2010 | Clubs Ownership
Former Birmingham City Football Club owners David Sullivan & David Gold annouced their take over of West Ham United Football Club at a press conference today.
The news comes after Lotus F1 chief Tony Fernandes who pulled out of the race on Monday night and finance firm Intermarket and Italian Massimo Cellino announced that they were no longer interested in buying the East London club.
The pair have a 50% stake in the club which is valued at around £105m and gives them an voice on the board.
It is understood that Scott Duxbury the Chief Executive has stood down which will see Sullivan being joined by former Birmingham Football Club Managing Director, Karen Brady to oversee the day-to-day running of the club.
The deal concludes a long-running saga over who will succeed CB Holding, which has indicated the club is £38m in debt, as owners of West Ham.
Sullivan, however, said the club had debts of £110m and had "walked a very close line" to administration.
He also revealed in a news conference on Tuesday afternoon some of the borrowing the club had conducted, including using future season tickets sales as capital.
It has also been revealed that CB Holding, whose main shareholder is troubled Icelandic bank Straumur, still retains a 50% share in the club but that the new owners had a four-year option to buy them out.
The new owners plans for the club include their desire to see West Ham playing in the UEFA Champions League in seven years as well as entering discussions with Newham Council over the prospect of using the Olympic Stadium as their ground after the 2012 Olympic Games.
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