The specific reasons David Sullivan rejected a £400 million takeover bid for West Ham United have been revealed.
Last night fresh takeover talk emerged when The Daily Mail reported that a group of UK investors had seen a £400m bid for the club rejected by majority stakeholder Sullivan.
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 to leave the club.
Some West Ham fans were unhappy to hear of ‘rejected bid’
West Ham fans have previously protested for co-owners David Sullivan and David Gold and their vice-chairman Karren Brady to leave.
The trio were acronymed GSB as part of the GSBOUT campaign.
Most of the animosity stems from the club’s move from West Ham’s beloved Upton Park to the London Stadium and broken promises relating to it as well as frustrations over a perceived lack of ambition in the transfer market.
The real reasons why Sullivan rejected West Ham takeover approach – report
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.
But now the real reasons Sullivan snubbed the offer have been revealed in a new report from Sky Sports.
It was because Sullivan saw the takeover bid as “vague” and being motivated by property rather than football.
‘Co-owner saw it as more of a property deal than a football deal’
“Sullivan and Gold, who bought West Ham in 2010, rejected the approach because it was a vague offer and was not in the best interests of the club, its supporters or shareholders,” Sky Sports reports.
“Sullivan and Gold do not want to sell and would only consider a possible sale if a prospective buyer had the best interests for West Ham as well as the finances to take the club to the next level.
“The latest approach was viewed by the owners as a property deal rather than a football deal.”
In other West Ham news, ExWHUemployee delivers his verdict on takeover speculation.