West Ham United co-owner David Sullivan has dropped two places in the new Sunday Times Rich List for 2020.
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Sullivan is West Ham’s main money man with a fortune topping £1billion.
In the 2019 Sunday Times Rich List, Sullivan was said to be worth £1.15bn.
That made the West Ham owner the 133rd richest man in the UK. But Sullivan’s worth is mostly tied up in an extensive property portfolio.
Report claimed Sullivan had put flagship site up for sale
Back in February, CoStar News claimed West Ham chief Sullivan had put one of his flagship sites up for sale for £50million.
The Hammers co-owner gets £1.6million in rent per year from the Russell and Bromley store on Oxford Street.
But CoStar News said the West Ham man had put it on the market.
The trouble is with a global recession which is inevitable during the health crisis, property prices take a hit.
Whether that – or personal wealth investment in West Ham – is behind a £50m drop in Sullivan’s fortune is unclear.
Although supporters protesting against the owners this season would beg to differ over the latter.
Hammers co-owner drops down money league after £50m hit
Sullivan has dropped to 135th in new Sunday Times Rich List 2020 with a fall of £50m down to £1.1billion.
The Sunday Times lists the West Ham co-owner’s source of wealth as ‘Property and Football and Media’.
The list attributes the wealth to the ‘David and Jack Sullivan and family’.
It was only a couple of months ago that Sullivan and his fellow West Ham co-owner David Gold revealed just how dependent the club is on the bumper Premier League TV rights money.
West Ham facing turbulent financial climate?
In fact West Ham described it as a ‘necessity’ after announcing £27million losses (BBC Sport).
Sullivan and Gold would have to ‘inject tens of millions’ to plug a black hole in West Ham’s finances should they be relegated according to Claret & Hugh.
And that was before the global health crisis hit.
Whether Sullivan and Gold will have to – or be willing to – sacrifice some of their personal wealth to ease any financial turbulence West Ham might now face remains to be seen.
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