After claiming that co owner David Sullivan rejected a second offer for the club, Jack Rosser of The Evening Standard has reported that PAI Capital have ended their bid for West Ham United.
EXCLUSIVE
PAI Capital end takeover bid for West Ham after seeing second approach knocked back by David Sullivan
✍️ @JackRosser_ https://t.co/GBF4OOiPeg
— Standard Sport (@standardsport) September 23, 2021
PAI Capital End Bid for West Ham United
Two Failed Attempts
West Ham United have maintained that they have not actually received an official offer for the club, but PAI Capital dispute this, claiming that they have made two approaches to buy the London club. Both have been rejected, however, and they have now withdrawn any interest they held.
Azerbaijani businessman Nasib Piriyev set up a consortium that also had former Queens Park Rangers chief executive Philip Beard as part of it, which has been pushing for the past nine months to try and get a deal done, but they have now reluctantly accepted that no deal can be done and that West Ham have no interest in selling at this time.
According to Rosser, PAI have said the talks were amicable despite earlier discussions leading to a very public spat. Sullivan called PAI: “Property developers”, in reference to their desire to purchase the London Stadium when they held conversations with the London Legacy Development Corporation. PAI, however, claimed that the second offer for the club would have resulted in a £150 million: “Investment in the training ground, youth academy, scouting set-up and player purchase across the men’s and women’s teams.”
Former Players
PAI added former West Ham players to their consortium to back their approaches in Tony Cottee and Rio and Anton Ferdinand. PAI have made a further statement that states Sullivan declined the offer and the current progress of the team under manager David Moyes was a key reason, with Sullivan not wanting to harm an up turn in fortunes on the pitch, saying.
“Mr Sullivan has, unfortunately, declined the offer on the basis that, with the team performing so well, it is not the right time to sell. PAI Capital notes his decision and, given that it is one of timing and not price, the company is unable to take things forward at this stage. PAI Capital’s interest remains however and, should things change, will be ready and willing to proceed.”
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