Wealthy consortium behind new bid
Filed: Saturday, 17th October 2009
By: Staff Writer
A consortium of 'wealthy West Ham fans' are said to be in negotiations with the club's current owners with regard to the purchase of West Ham United FC.
According to a report in today's News of the World, the consortium opened negotiations with West Ham's non-executive chairman Andrew Berndhart on Friday with regards to a £100million bid.
The Intermarket Group, which describes itself as a 'rapidly expanding brand that is achieving significant recognition within the financial services sector' is led by Jim Bowe, a successful American businessman who formerly headed the New York Board of Trade.
The remaning members of the consortium are currently unknown, but according to Bowe are committed supporters with 'the right sentiments'.
"My colleagues and I have been approached by the consortium with the aim of buying West Ham in its entirety," Boew told the NotW. "We are not interested in just taking on the debt, or securing a percentage. We want to get West Ham back on track for the upper echelons of the Premier League.
"We want what the fans want and there is no restriction on us as to how we achieve that aim. We are in the early stages of our discussions with the club. But we are optimistic that we can develop a proposal that will benefit all parties. The best deal is the deal where everyone feels that they've won.
"The consortium comprises West Ham supporters who have made serious money in the City, the United States and elsewhere and who see the potential in the club, its fanbase, academy and playing staff. They also possess the expertise to see West Ham restructured and organised in a way that will help the club realise its potential.
"Fortune has been hiding for too long."
Bowe also revealed that in the event of a successful bid, the group would grant Gianfranco Zola funds with which to strengthen his slim squad at the next available opportunity.
"The people involved have the money required, and, more importantly, the right sentiments," he added. "They have no interest in interfering with the playing side of things - but they will make money available in the January transfer window."
One party that could be involved is Malaysian entrepreneur Tony Fernandes, who found fortune as head of AirAsia. A keen Hammers fan, Fernandes was a guest of the club at the recent home game with Fulham and is said to have a personal fortune of some $230million.
Former Birmingham City owner David Sullivan, who is not thought to be linked with the Intermarket Group, also held talks with the club's current owners last week - however those talks are thought to have ended with the parties some way from agreeing a price acceptable to both.
Related News
Fernandes tops readers poll [30th Dec 2009] Buy now, pay later [9th Dec 2009] Intermarket: we're serious players [11th Nov 2009] CBH to seek fresh investment [25th Oct 2009] Wealthy consortium behind new bid [17th Oct 2009]Your Comments
by Andy stuck in Switzerland
12:22PM 23rd Oct 2009
''Just a couple of questions that prey on my grey matter:
Do you think that it's bankers' money? Well, at least they can put what bonuses they do get to some good use this time.
Does anyone know of any examples where a buyer's consortium for a football club has worked out well?''
by Tell it how it is Charley
09:11AM 19th Oct 2009
''Hopefully everyone will keep in mind Alex Ferguson's comments made about the unviable business structures of many clubs and that a major club will go bust. Whoever takes over at West Ham must demonstrate this. All the rubbish about West Ham being a top four club and 'putting the club where it should be'.
I think if the club just continues in the top flight for the next decade then the new owners will bring in something that club lacks since the Cearns era. Near enough everyone attacks the Cearns for running West Ham as a business selling your best talent and not reinvesting the total amount recieved back into the club. But if West Ham are to survive then the Cearns business philosophy will have to return.''
by zionsirons
07:25AM 19th Oct 2009
''I for one would love to see a fans consortium buy West Ham from the banks or current owners, whoever they may be as it's plainly obvious that they don't have a clue what they or doing (neither does it appear that they actually care whether we live or die provided they get their money back).
For the record, I do not want to see my beloved club brought by somebody who made their money out of pornography. We're in enough trouble as it it without incurring the wrath of God as well!''
by Karl
06:12AM 19th Oct 2009
''Sounds hopeful, I'll believe it when I see it though...''
by jacko
08:14PM 18th Oct 2009
''Get rid of the COE and Director of Football and get someone in who cares about the club - not just for the money and how they and their partners look all the time...''
by raymond lucas
07:32PM 18th Oct 2009
''Hopefully an agreement can be made asap, new owners may instil confidence and good feeling back into the club, as I'm sure the negative attitude of the current owners has at presant rubbed off on all concerned.
We need owners that have a passion for the club and are prepared to take a gamble to make West Ham United sucessful.''
by Dean
04:47PM 18th Oct 2009
''I think West Ham have had one bad owner after another. We are in severe need of a decent owner and some cash. I hope we are still in a position to be in the Premier League where this will benefit us, or will we be rooted in the relegation zone?''
by Tim Goddard souyh coast hammer
01:08PM 18th Oct 2009
''For far too long now WHU have lurched from one disaster to another be it Curbishley to Icelandic ownership, the sale of James Collins to Villa. The club needs stable ownership, not a holding company that don't give a toss about us. If this group is made up of West Ham fans as reported then the sooner the buy-out happens the better!''
by Scotty Swallow
11:22AM 18th Oct 2009
''Please let this be true, we want people that are in love with this club running it.''
by paul walker
11:13AM 18th Oct 2009
''I have been speaking today to a friend in the City who has dealt with several takeovers of late, and is a big West Ham fan. His attitude to the NotW story is that people who are serious about buying clubs do not shout about it in national newspapers.
What needs to be impressed on the Icelandic bankers who own the club, and have financial problems of their own, is that they have a social responsibility to the fans, the area, to avoid the club collapsing.
They also need to understand the Premier League. The longer we are stuck in a relegation fight, the more chance there is of their asset becoming worthless because relegation/financial disaster/fire sale/administration will mean they won't get a penny.
If we drop out of the Premier League and lose £60m a year we will follow Leeds, Charlton, Southampton etc into real crisis.
If they begin to realise that, and before mid-December when there are more court hearings in Iceland over the debts, we might have a chance to move forward.
Icelandic administrators could take over the club in December and sell it, and then it could be picked up for the sort of money that Gold and Sullivan are talking about.
Something has to happen before January, because by then we will have to sell players to raise any money to try to buy our way out of the relegation zone, and that is a very difficult position to be in.''
by Eddie Coates north east hammer
08:30AM 18th Oct 2009
''I like most WHU fans would welcome some kind of decent offer to get West Ham back where it belongs and where it has not been for some years as long as they do what they say they are going to and not just take their money and run at the first sign of trouble.
Hope it works out alright.''
