The Daily Express ran a claimed Exclusive on Monday night claiming there was a renewed attempt by Sullivan and Gold to actively look for people with the wealth to take the club to the next stage. The report said that the two Hammers supremos have been looking to bring other investors into the club for over a year but plans had been put on hold this season while Slaven Bilic’s team dropped towards the Premier League relegation zone. They stated that Sullivan and Gold want to recoup some of their investment in the club, but both will want to keep their places on the board in the future if any deal is done. Last summer the duo rejected a reported £650million takeover bid for the club from energy drinks giants, Red Bull, although a bid was later denied by the firm. A valuation of the club last year put a price on West Ham of around £200m, although Sullivan believed the move to the London Stadium meant the club was worth nearer £400m.
For me this report was old news, Sullivan and Gold have been openly looking for wealthy West Ham fans to invest in the club since 2010 while retaining the majority of shares in the Hammers. Terry Brown and the Harris Family invested £4m in return for 3.8% of the shares in 2010 but there has been no serious interest since to share the financial burden of investing in the club.
What did surprise me what the knee jerk reaction on the official website yesterday disclaiming the ‘fake news’
Speaking to the official website Sullivan said: “It is no secret that both David Gold and I see our long-term futures as custodians of West Ham United.
“We have never once viewed West Ham United as a short term project and plan to be here for many, many years, bringing further progress to the Club on and off the pitch, and success to our loyal supporters. It disappoints me to see an article published that is so utterly false.”
The Statement got me to look back what was previously said by the owners on the subject:
In January 2010 Sullivan set out his stall on the day of takeover by saying “We have a seven-year plan to get them into the Champions League and turn them into a big club and over the seven-year period we do plan to spend a lot of money, The short-term plan is all about survival and getting behind the team. It is also about getting behind the manager.”
Gold told in the Daily Mirror in 2012: "You have to be a billionaire to make a major difference and there aren’t many of them about. Of course, I’d welcome a Father Christmas. But then you look and discover that it might not be the real Father Christmas. And you know why? Because there isn’t a real Father Christmas. He doesn’t exist.
“In an ideal world, though, if you ask what I’d like to see happen, I would like a very wealthy person to come and join us.David and myself are wealthy by normal standards, but not by football standards.We would be reluctant to sell the whole football club because we feel part of it. It’s taken us a lifetime to earn enough money to return to our roots and we won’t give that up lightly. We’re doing our best but it would be that much easier if there were three of us.”
Gold added: “We’re not going to be a top-four club straightaway. But one day it’s possible, if there is a super-wealthy West Ham fan who wants to come and join the club, that could change things for us. Now we have to do the best we can within the areas of our ability.To grow the club, fingers crossed to get to the Olympic Stadium would change our whole image, would help us attract better players. But it all boils down to income and we have to generate more income.”
In December 2014 Sullivan said: “I’d love someone to come in and buy 20 percent & the money would not go to us, it would go to the club.”
In 2015 Sullivan told the Sunday Times “Long-term, there’s no reason we can’t be one of England’s leading six clubs, pushing for the Champions League. You have to dream. Otherwise what’s the point of being an owner or supporter? And we are both owners and supporters. We have no desire to sell West Ham. We hope to pass it to our kids and grandkids. While the deal is confidential if we sell before 10 years most of the money would go to the government. We’re not here for a quick buck.”
At the end of last year, the message from Sullivan was: “I want to reiterate that we, the current owners, have no desire to sell the club unless it is to somebody like the King of Saudi Arabia who can take it to a level we cannot ourselves hope to reach.”
In the Sunday Times Rich List of 2016 David Sullivan was valued at a net worth of £1 billion of which £200m was his share of West Ham. Most of his wealth is tied up in properties but he owns the Sunday Sport, race horses and retains businesses involved in publishing, sex shops, material aids and phone lines. David Gold is claimed to be worth £300m. His 35% of West Ham is valued around £140m while the remainder of his net worth is related to Gold International Group which owns Ann Summers and Knickerbox but also owns Gold Aviation and various property investments. It has a turnover £112m but the profit under £1m per annum.
Karren Brady has a net worth £85m but is not listed as a current share owner of West Ham despite her claiming in interviews she has some shares.
Terry Brown made £33.4m when he sold his West Ham shares but has probably increased his net worth since selling out to the Icelandic’s.
The Harris family are thought to be worth around £150m after their sale of the Alba electronics firm.
The chances of a Middle East billionaire buying the Hammers seem remote despite rumours of the Qatar Investment Authority wanting a premier League outfit.
Here is my suggestion for what it is worth, Gold and Sullivan could sell 35.2% of their shares for £140m valuing the club at £400m. The Icelandic’s could also sell their remaining 10% for £40m. Gold and Sullivan could use £40m to repay the majority of the shareholder then re-invest £100m into the club. The new wealthy investor could invest £96m in cash with Brown/Harris Family throwing in another £4m.
West Ham would be debt free with £200m war chest and Gold and Sullivan would retain overall control with 51% of the shares.
The challenge comes finding a wealthy individual prepared to part with £276m in cash!