Showing posts with label Gold. Show all posts
Showing posts with label Gold. Show all posts

Friday, May 28, 2010

EPL - Grant named as new manager of West Ham

Avram Grant is the new manager of West Ham United - subject to the formalities of a work permit.

Grant was wanted by half a dozen clubs in Europe, but has chosen West Ham and an instant return to the Premier League after relegation with FA Cup finalists Portsmouth.

Grant quickly rose to take the position despite candidates such as Mark Hughes, Slaven Bilic and Steve McClaren being in the frame.

McClaren opted to switch from Dutch to German football with Wolfsburg, while Hughes believed he would attract a much bigger job and priced himself out of the market. Bilic considered a return to Upton Park where he was a popular player but wanted a £40 million transfer budget - out of proportion with the Hammers' financial predicament.

David Sullivan and David Gold were attracted to Grant by his heroics at Fratton Park with penniless Pompey. West Ham, too, are working on a tight financial restraints, and Sullivan revealed recently that the club were days away from administration before they took over with a £50 million, 50% takeover at the turn of the year.

This week Sullivan and Gold bought a further stake for £8 million, £4 million going into the club to meet pressing liabilities and for down payments on new signings. Grant's first task is to sort through a list of nearly 30 players who are available for transfer and who would welcome a move to Upton Park.

Tuesday, May 25, 2010

EPL - Gold and Sullivan increase stake in Hammers

West Ham co-owners David Sullivan and David Gold have increased their stake in the Premier League club to 60%.

Sullivan and Gold bought the Hammers from Icelandic group CB Holdings in January. They have both increased their share of the club from 25% to 30% at a cost of £8 million, with £4 million going to CB Holdings and the other half to the club.

Sullivan and Gold made public the scale of West Ham's financial problems following their takeover, putting a £110 million figure on the club's debts.

CB Holdings still owns 40% of the club but Sullivan and Gold have a three-year option to buy those shares while they have also been seeking external investment.

The club also revealed the £4 million received in today's deal will "bridge the gap" in the Hammers' finances.