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West Ham for sale - again

Filed: Monday, 14th February 2011
By: Staff Writer

West Ham's board are once again looking to shift the remaining available shares in the club.

35 per cent of West Ham United is still owned by Straumur, the Icelandic bank who took control of Bjorgolffur Gusmundsson's concerns when his empire collapsed in the wake of the 2008 banking crisis.

And a new pleae for potential investors has been issued today - just three days after the club were awarded the Olympic Stadium, a decision that is expected to see the value of David Sullivan and David Gold's shareholdings (currently 31 per cent each) soar.

An unnamed club spokesman, talking to Harry Harris today said: "The club's value has been enormously increased and there is a unique opportunity to buy the remaining 35% of the club for around 35-40 million. Once all the shares are placed it is anticipated that they'll increase enormously in value over the coming few years as the club moves to the Olympic Stadium for the start of the 2014-15 season.

"There is a chance the value of the club could go from 100 million to 500 million, to 700 million over five years when we move. There are only four big clubs in London: Spurs, Chelsea, Arsenal and West Ham, and West Ham is by far the cheapest. Yet it has great heritage and a huge fan base and, with the Olympic Stadium, it can become a top-five club in the future."

Critics of Sullivan and Gold's have long insisted that the pair's real reason for investing in West Ham was to make a killing by selling the Boleyn Ground, moving to Stratford and then selling their stakes for huge profit with the club secure in their new, iconic home.

And whilst previous attempts to lure additional investors to West Ham have failed, with the club a much more attractive proposition since Friday's decision many are tipping the club to be sold once agin before the beginning of the 2014/15 season, when the Irons are set to play their first game in their new home.

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by Tell it how it is Charley!
01:14PM 14th Feb 2011
''Providing they stay up! Just getting 60,000 poor souls into your stadium is no guarantee of instant success. Newcastle get 50,000+ each week but it hasnt made them a top 10 side.

Im sure there is a lot of PR talk in this just trying to get a good price for the shares. If West Ham go down, which is probable with 90m-worth of debt its not going to be easy to come back up. West Ham could well be another Ipswich, Southampton et al.

I remember a couple of years back these Icelandics were promising the world!''

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