Friday, September 22, 2006

Latest on the West Ham Takeover Bid

According to toaday's Independent Israeli businessman Eli Papoushado has confirmed that he is willing to help to fund the £100m takeover of West Ham United. He is quoted as saying,

"This is to confirm that Mr Kia Joorabchian has spoken to me about leading a consortium of investors in football projects. After considerable thought, I have agreed to participate if Kia decides to go forward with any such project."

Joorachbchian's bid through MSI last year failed because the two sides could not reach an agreement on the club's value and there were concerns that MSI lacked sufficient backing. It is believed that with Papoushado's backing Joorachbian may now be able to offer the £70m to buy the club's shares and the £30m to clear its debt.

To succeed in his bid Joorachbian needs to buy out chairman, Terence Brown, who controls 40 per cent of West Ham's shares, plus Charles Warner, who owns 21 per cent, and Martin Cearns, who controls 9.1 per cent of West Ham.

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