Saturday, April 18, 2009

New Owners Promise to Finance Training Ground

The Telegraph say that a formal announcement that Straumur, the Icelandic bank, will take a 75 per cent stake in West Ham, could be made in three weeks time.

They say that Straumur has committed to raise the £5million West Ham need, on top of the £1.5million spent on acquiring the land, to develop a new training complex at Rush Green in Romford, Essex.

The new owners have also agreed that West Ham can spend whatever money they raise through player sales on developing the squad and that the club will continue as a self-financing operation.

The bank will also not sell the club immediately. They realise in the current economic climate they may not get the best return and are prepared to wait for the economy to recover.

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