West Ham United’s owners have put a 20% stake of the club up for sale in an effort to raise nearly $125 million to clear debts.
David Sullivan and David Gold bought a 50% share of West Ham in January of 2010, with the club already in upwards of $175 million of debt.
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Today, Sullivan owns 55% of the club and Gold 30%, and the club is still over $150 million in debt.
With the Hammers set to move to the Olympic Stadium in 2016-17, Sullivan said he values the club at around $620 million and is looking to find new investors.
Because the club is in so much debt, Sullivan is worried they may not be able to keep Sam Allardyce as manager.
I must say if come April we are where we are now (in the Premier League table) which is extremely unlikely but is possible we’d probably sit down a month early and say ‘look Sam, do you want to stay or do you want to go?’. Sam may decide he wants to go out a winner. He may decide, after four years, it’s a very stressful job, he may decide he wants £10million-a-year which we can’t afford.”
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As West Ham currently sit fifth on the table, it is not too reassuring when the owner is saying it is “extremely unlikely” that they can keep up the pace. When asked if the Hammers could finish in the top-four, Sullivan replied, “I wake up in the middle of the night dreaming of it. But I’m a realist.”
If the Hammers could pull off a miraculous second half and qualify for competition in Europe, the club would receive a great boost financially through prize money and other deals. But similar to their owner David Sullivan, I don’t see that happening.