Many West Ham United fans have been understandably excited as a result of the recent takeover bid.
Fresh takeover talk emerged when The Daily Mail reported that a group of UK investors – PAI Capital – had seen a £400m bid for the club rejected by majority stakeholder David Sullivan last week.
Many West Ham fans were frustrated to read reports that the bid had been knocked back. Because a large section of supporters still want Sullivan, fellow owner David Gold and their vice-chairman Karren Brady to leave the club.
Claim and counter claim after West Ham takeover bid
The Daily Mail report made big claims about an increased transfer budget for David Moyes and redevelopment of the London Stadium as part of the takeover bid – which is being fronted by former QPR chief Philip Beard.
PAI Capital have since hit back at Sullivan’s claims and insist proof of funds was provided and the apparent asking price was met (Sky Sports).
Some West Ham fans have been taking to social media to voice their excitement about the prospect of PAI taking charge, citing that the firm is worth nearly £14 billion.
Insiders dispel £14bn myth after poor research from some fans
But West Ham insiders Claret and Hugh have moved to dispel that myth, pointing out that is the result of some poor research from Hammers supporters who have looked up the net worth of PAI Partners instead – a completely different and unrelated company.
“PAI Capital should not be confused with PAI Partners based in France who have assets of £13.4bn,” Claret and Hugh point out.
“PAI Partners has its origins dating back to Paribas Affaires Industrielles but they are no relation and have no connection whatsoever!
Desperation to see Hammers owners gone must not cloud judgement on potential new owners
“PAI Capital is short for ‘Profit Access Investments’ and the only public record of assets is the £158m of clients money they invested in the Chinese video company (Vtron).
“Private equity firms earn money by charging a management fee to their clients plus a cut of any profit the company they take over earns.”
Social media has been awash with claims from some Hammers fans about what the club might be able to achieve with PAI.
But much of it is based on the mistaken belief the company is worth nearly £14bn.
That is not to say of course that PAI Capital doesn’t have access to serious money.
If – as the Beard claims – PAI provided proof of funds to bid for the club at the levels reported then they clearly do.
But it is the scope of future possible investment which needs to be clearer before anyone gets too carried away.
In other news, Declan Rice dines with famous West Ham supporting YouTuber on holiday.
And massive Tammy Abraham boost for West Ham as Chelsea make situation clear.