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David Sullivan fears that West Ham could go under
13 Oct 2009
David Sullivan fears that West Ham could go bust unless the club are taken over within the next couple of months.
The Hammers have reported debts of £100million and their last accounts show that in the year up to May 2008 they lost £37m.
Sullivan and David Gold, who both left Birmingham City after selling the club to businessman Carson Yeung, have been linked with a takeover of the Hammers.
And although Sullivan said no talks had taken place with the Upton Park club, he spelled out his fears for their future.
"West Ham are a club very close to my heart," Sullivan told Sky Sports News. "I said when the Icelandic people took over three years ago that the business model they had wouldn't work. Looking from the outside, the debts at West Ham seem to be absolutely huge. They need help very quickly.
"They are in the bottom three of the Premier League and they need investment within the next month or two or they could end up in the Championship, bust or both."
The club have been in financial crisis since their former owner Bjorgolfur Gudmundsson lost his fortune in the Icelandic banking collapse last year.
Asset management company CB Holding, a business set up by the major creditors of Gudmundsson, took over the Hammers in June but it intends to sell the club once the financial markets have recovered and a reasonable price can be found.
Reader views (13)
They are not what west ham need right now god help us if these take over
- Michael, dagenham, 14/10/2009 22:32
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i find these comments sullivan is making are not helping club either put up or shut up.
sullivan should admit his true colours (spurs supporter)
the assets are worth more than £100 million,
using the media to get price down,
all birmingham city are a yoyo club hardley blue print for sucsses.
if bank sell at price sullivan wants to buy west ham will have que of buyers.
look at his other options championship/league one clubs
he trying to get west ham championship price
the potentiol is huge the fan base alone will keep club going look at leeds
- Tony Oliver, burgess hill uk, 14/10/2009 11:05
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I couldn't really care if he got West Ham on the cheap so long as he sorts them out financially and he did a decent job at Birmingham. Why should anybody care what money Straumur makes out of it? It's not like they have exactly looked after the club well is it?
- Paul R, London, 14/10/2009 08:48
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I think the guy is talking sense, even if he is a pontential buyer of the club. West ham need a new owner very quickly to avoid financial meltdown.
- Mike, Felixstowe, 14/10/2009 08:23
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The club is owned by Straumur who have no interest in football and, as they are a bank, not much else !
They also have their own financial problems to deal with, so whatever the truth of the financial position of West Ham, a sale is in everyone's best interest sooner rather than later. Sullivan knows this, and will play the game accordingly
- John, Twickenham, 14/10/2009 08:04
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I would rather Sullivan and Gold have the reigns than it being mis-managed by the holding company WHO are just looking at making what money they can out of it....This is not a TRICKY choice to make.
They have football club management experience and it would see the club back in English hands again and that is what it needs the most!
IRONS!
- Martin, Exiled in Bristol, 14/10/2009 08:00
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Graz, aylesbury - on the CHEAP? Haven't you clicked? They are, according to objective reports, on the cusp of something you don't want to know.
Personally, I hope they pull out of this thing because their true fans deserve better, but reality....please!
- Ted, London, 14/10/2009 07:54
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think i'd rather we went bust than end up in the hands of this porn merchant
- Richard W10, United Kingdom, 13/10/2009 23:08
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The club should be cheap with £100 million of debt on their books, and in the relegation zone. This club has been mismanaged off the field for years.
- Mark Cleminson, Richmond, BC. Canada, 13/10/2009 19:59
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The article tells us no more than us Hammers fans already know, it ain't rocket science is it. If West Ham is so close to his heart why is he waiting until we get so close to the dropping off point before he steps in with an offer? He knows he'll get us for next to nothing if he leaves it until crisis point that's why. Business is business I know but if he/they (potential buyers) cut it too fine we'll be over the waterfall with no way back
- Charlie Dove, Cadwell Heath Essex, 13/10/2009 19:22
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Sullivan you would be better of buying the Royal Mail, then sponsoring the Hammers!
- Adrian, london, 13/10/2009 17:47
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Cheap tricks!
- Decency, London, UK, 13/10/2009 17:26
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Sullivan is talking it down so he can get the club on the cheap !
- Graz, aylesbury, 13/10/2009 16:26
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