West Ham co-owners Sullivan and Gold increase stake

West Ham co-owners David Sullivan and David Gold have increased their stake in the club to 60% at a cost of £8m.
The pair, who bought 50% of the Hammers from Icelandic group CB Holdings in January, have increased their shares from 25% to 30% each.
Half of the money will go to CB Holdings and half to the club.
West Ham chief executive Karren Brady said the deal would help give the cash-strapped east London club “the much-needed stability that it needs”.
The co-owners also have a three-year option to buy the remaining 40% from CB Holdings, in which stricken Icelandic bank Straumur has the majority interest.
Sullivan said he and Gold have “have a long-term intention of increasing our shareholding, while we have also invited professional investors to share in our vision”.
In a statement on the club website, Sullivan added: “Myself and David Gold are, like you, West Ham United fans and our aim is to ensure our club enjoys a stable and successful future.
“To this end, we have both invested a further £4m to increase our shareholding to 30% each.”
Meanwhile, Brady admitted the club still has an “enormous amount of debt” which they were trying to tackle.
But she told BBC Radio 5 live there was no way the Hammers would sell England midfielder Scott Parker.
Asked about rumours Aston Villa were preparing a £10m bid, she said: “David Sullivan has given his word that Scott Parker is not going to be sold.
“It’s very unsettling for the player and the club. But he is the Player of the Year and is very important to us.”
Any transfer dealings may also be on hold until the club appoints a new manager after they sacked Gianfranco Zola on 11 May.
Avram Grant is widely expected to fill the vacant post after he quit relegated Portsmouth on 21 May.

Source: BBC Sport

First Published: 25th May 2010

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