Volatility reigns at West Ham as the club prepare for a second takeover bid
For its part, West Ham despises PAI’s ability to respond to its valuation. Their statement remains that they have not received “any formal offer to buy the club”. West Ham will not confirm PAI’s claim that proof of funds was shown in February in exchange for access to the club’s private financial data. In a series of responses to PAI’s questions over the weekend, it was clear that the two sides find themselves at odds over the proposed buyout.
A spokesperson for PAI said the valuation gap between the two sides was “relatively small – let’s say 20 percent.” “This [the takeover] is by no means a ‘ownership game’ as suggested by the club’s current majority shareholder, who – let’s not forget – bought the club and sold Upton Park in order to move to leased land. This same owner is now asking a asking price for the club as if he still owns his stadium ”.
There is no love lost between PAI and the current West Ham ownership, and there is reason to be skeptical on both sides. The PAI plan focuses on renegotiating the club’s rental agreement with the London Legacy Development Corporation (LLDC) to redevelop the London Stadium as well as the Olympic Park. “More sporting and cultural life and dynamism,” he says, amid general confidence that the entire site has been under-exploited. Whether this is a solution to life at one of the Premier League’s most dysfunctional clubs is another matter.
Among the many details on PAI’s website about Piriyev’s professional life is the time he spent establishing an oil refinery in Afghanistan under Taliban auspices in the early 2000s. really crazy times, during the Taliban rule in the country – a very peculiar government to run! recalls Piriyev, which is one way of putting it. He says the oil refinery is still there although the interview was published 12 days ago, which is a long time in football and an even longer time in Afghan history.
In addition to the stadium, PAI showcased promises from most of the new owners, including a better transfer strategy and investments in the training ground and academy. He claims that in February Sullivan made no commitment on the award “with the prospect of the team qualifying for the Champions League.” PAI got Tony Cottee’s endorsement on Friday, though fans need more than the reassurance of a former favorite. In West Ham, they have already been burned.
What is the club worth? West Ham’s latest financial results indicated that Forbes ranked them as the 17th most valuable club in the world – although it’s hard to bring that to the bank. Sullivan has reportedly rejected a £ 400million valuation by PAI, a figure unconfirmed by either side. In sixth place in the Premier League, they felt like a more valuable asset. Less than 18th place in February 2020, with the championship beckoning
Like all major venues, London Stadium has been hit hard by Covid. Its most recent losses for the last financial year of £ 28million will be borne by the taxpayer. Its current lease with West Ham, at an annual cost of around £ 3million, has 94 years to run. While the LLDC has not commented, there seems to be a mood it would listen to a new offer if it meant reducing the burden on public funds.