West Ham sold for £20million?

  • by Staff Writer
  • Thursday, 27th January 2011

Paul Peschisolido has hinted that David Sullivan and David Gold's share of West Ham United was purchased for just £20million.

The current manager of Burton Albion - who is married to West Ham United vice chairman Karren Brady - also implied in an interview with Richard Williams, writing for the Guardian, that his wife had been the brains behind the deal, calling her a 'genius'.

Replying to claims made on Monday by former Sky Sports anchorman Richard Keys that Brady ignored phone calls from him, Peschisolido said: "She's been working her tail off trying to get the Olympic Stadium for West Ham.

"She's been spending three or four days a week in London and for the past couple of weeks she hasn't been home at all. The last thing she was going to do was take a phone call.

"Criticise my missus? He's having a laugh," he continued. "The top business people in this country are desperate for her to join their boards. Look what she did for Birmingham. They bought it for a quid and sold it for £80m.

"And West Ham for £20m? She's a genius when it comes to business."

Peschisolido's claims come as some surprise for it was previously thought that David Sullivan and David Gold had paid £52.5million for an initial 50 per cent share of West Ham United, which was valued at £105million during the takeover 12 months ago.

Since purchasing their initial stake a year ago this month Sullivan and Gold - whose calls for fellow investors to buy out CB Holdings' remaining stake fell mainly on deaf ears - increased their share to 60 per cent, in May 2010.

That deal, according to Sullivan, cost him and partner Gold £8million - £4million of which went to CB Holdings with the remaining £4million going into the club. "We have both invested a further £4m to increase our shareholding to 30% each," he said at the time.

Of course, give the slight ambiguity of Peschisolido's comment it is possible that he may not be referring directly to the sale figure - although it is something that the board may consider worth clarifying.

The true level of West Ham United's debt has also been the subject of much discussion in recent months. At the time of the sale of the club to Sullivan and Gold last January it was reported by the club that the overall figure was £100million.

That number was inflated by new co-chairman Sullivan to £110million a few days later and is now said to be down to £80million - or reduced 'by more than £25million', according to a statement made by Sullivan last week.

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