West Ham reject £400m+ offer for club as ‘derisory’

July 23 – West Ham co-owners David Sullivan and David Gold have turned down an investment offer from a consortium led by former QPR chief executive Philip Beard, an approach Sullivan called “derisory”.

Beard’s consortium made an informal approach in February and was prepared to submit an offer in excess of £400m, but the co-owners rejected the bid because it was not in the club’s best interests.

“The offer was derisory,” said Sullivan. ”They never produced any proof of funds and were looking to raise funds to do the deal.”

In 2010, the pair acquired the Hammers, but their ownership has been controversial with criticism of their transfer policies and anger over the club’s move to the Olympic stadium in 2016 that included a 99-year tenancy. Last season, however, West Ham enjoyed a strong Premier League campaign under David Moyes.

Sullivan said: “We have no desire to sell the club but get approached by many weird and wonderful people who lack the funds and have no experience in running a football club.

“Mr Beard did a truly exceptional job at QPR working with Tony Fernandes,” he said sarcastically. “Having done so well there he no doubt wanted to repeat the success at West Ham.”

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