December 14 - Former Birmingham City owners David Gold and David Sullivan (pictured) have made a £50 million offer for West Ham United, who are currently struggling in the bottom three of the Premier League.
The pair, who sold Birmingham to Hong Kong businessman Carson Yeung for £82 million, have submitted the bid to Rothschild and Standard Bank, who were appointed by West Ham’s owners CB Holdings to handle any offers.
It is believed the club’s owners, made up of Icelandic bank Straumur and other creditors, will reject the offer, as they are thought to value the club at around £120m.
West Ham’s debts are estimated at £40 million, so CB Holdings are likely to hold out for a bid closer to £80m.
The development comes after Straumur were reportedly given a reprieve on their debt moratorium until next summer, which means they are not under immediate pressure to sell.
Gold and Sullivan are reported to have tabled an alternative offer for a 50 per cent stake in the club, but CB Holdings are likely to reject that proposal.
It is not known whether the pair will be willing to return with an improved offer.
London-based financial company Intermarket and founder of Air Asia, Tony Fernandes, have also expressed an interest in buying the club, but there have been no formal offers to-date.