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Page last updated at 16:33 GMT, Wednesday, 16 December 2009

West Ham debt freeze hits Gold and Sullivan's bid

David Gold (left) and David Sullivan
Gold (left) and Sullivan have tabled an offer to buy West Ham

David Gold and David Sullivan's bid to buy West Ham has taken a knock after the bank controlling the club had its debt payments frozen until September.

On Monday former Birmingham owners Gold and Sullivan tabled a bid, thought to be worth £50m, to buy the club.

Had the bank not succeeded in getting repayments frozen, the holding company would have gone into liquidation, leading to a likely sale of assets.

But now the bank can hold out to hear offers from other potential buyers.

Since June, the Straumur-Burdaras Investment Bank has owned 70% of the club's holding company, CB Holding, after its previous owners had financial problems.


"Several parties" have made approaches and are involved in "an ongoing dialogue" about the possibility of buying the Hammers, according to a senior board member, but negotiations are still at a fairly early stage.

The club, who are currently second from bottom of the Premier League, have struggled financially since the Icelandic economy was hit particularly hard by the recession.

Gold and Sullivan bought Birmingham 16 years ago for £1 and sold the club to Hong Kong billionaire Carson Yeung this October for a price of £82m.

The duo have strong links with West Ham, having once owned a 30% stake in the club.

Sullivan lives in Essex and Gold grew up opposite the Hammers' Upton Park ground, representing the club at youth team level.

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see also
Gold & Sullivan move for West Ham
09 Dec 09 |  West Ham
Gold refuses to deny Hammers link
14 Aug 09 |  Birmingham
Yeung's Blues takeover approved
11 Nov 09 |  Birmingham
West Ham 0-4 Man Utd
05 Dec 09 |  Premier League
Striker Cole out until new year
04 Dec 09 |  West Ham

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