Former Birmingham owner David Sullivan purchased half of Premier
League rival West Ham on Tuesday with a view to a full takeover.
Sullivan will have operational and commercial control of the
Hammers under the deal with CB Holding, which was mostly owned by
Icelandic Bank Straumur.
A full takeover would be worth 105 million pounds ($172
million), and Sullivan is looking for further investors.
"We've bought 50 per cent and I've got an option to buy the
other 50 percent," Sullivan said. "We welcome other partners.
Anyone who wants to put 10 or 15 million pounds in can buy 10
percent of the club."
One of those Sullivan will approach is Malaysian businessman
Tony Fernandes, whose own takeover bid failed.
Sullivan will be joint chairman with David Gold - his
longtime partner at Birmingham.
"Our first priority has to be securing the Premier League
status of West Ham," Sullivan said. "I believe the players at this
club have shown great commitment in trying circumstances and the
new board and I will get behind them in every way we can.
"We will also look to bring in new players to supplement the
squad where needed once we have met with the manager."
Straumur, which is owned by the Icelandic government, has
owned 70 percent of West Ham's holding company since June. It
prevented West Ham going bankrupt by taking over debts of previous
owner Bjorgolfur Gudmundsson, who held a 41 percent stake in
Landsbanki, another Icelandic bank.
"Our long-term aim will be to put the club on a stronger
financial footing," Sullivan said. "West Ham United need stability
after all the recent upheavals. We appointed four managers and
parted company with two at Birmingham in 16 years. We believe in
our managers and give them the time and support they need.
"The club is now back in the hands of East Enders, people who
understand the community and its passion for the Hammers. I believe
that depth of feeling will also bring us through what has been a
difficult period."
