Post by QPR Report on Oct 14, 2008 9:37:48 GMT
West Ham online
Dubai Investor could be changing his interest from Charlton to West Ham
Reports were circling yesterday that West Ham were yesterday the subject of a takeover approach by Dubai's sovereign-wealth fund Zabeel Investments. The same company, controlled by Sheikh Hamdan Al Maktoum, declared its interest in Charlton Athletic last Friday in the form of an "indicative bid", however yesterday's approach was far more discreetly conducted.
Sources close to the Club confirmed that contact had been made but insist there were "no talks" after the owner, Bjorgolfur Gudmundsson, rejected the offer. Twenty-four hours earlier BG had informed high-level staff that his commitment to West Ham was as strong as ever and that he would remain with the club in the long term.
However, it is believed that talks are continuing with Gudmundsson on a personal level as he faces increased pressure to cash in on his £85m investment. Dubai's bid is serious and Amanda Staveley, the dealmaker who introduced the Abu Dhabi United Group to Manchester City, is understood to be in the Emirate to talk through the potential purchase.
Although West Ham continue to insist that they are viable - unlike several other clubs to have changed hands in recent years, no takeover debt was loaded on to them- Gudmundsson's personal finances have been hit by the financial crash. He and his son Thor Bjorgolfsson were, until last week at least, Iceland's two richest men. But as 41% shareholders in the collapsed Landsbanki, the country's second-biggest bank, and having guaranteed loans in the charter airline XL, which folded a month ago, they have been heavily exposed to the meltdown of their nation's economy.
West Ham, an attractive proposition given their proximity to the 2012 Olympic stadium, face a potential eight-figure liability in the shape of Sheffield United's compensation claim in the Carlos Tevez case. They are contesting this through the Court of Arbitration for Sport.
There have been two approaches for West Ham from the Gulf and another from China in recent days, but Dubai's appears to be the most likely to succeed. If it does, Premier League ownership rules will forbid Zabeel's takeover of Charlton.
www.westhamonline.net/article.php?3029572||5||
And Daily Mail/This is London
Charlton concern as Dubai royals 'talking' to Hammers over possible takeover
By Tom Collomosse
West Ham are reported to have been approached about a takeover by the Dubai company in talks with Charlton.
Zabeel Investments, owned by the Dubai royal family, made an 'indicative offer' for Charlton last Friday, but Premier League rules dictate they would have to abandon their interest in the Championship club were they to buy the Hammers.
Premier lure: Zabeel Investments would have to abandon a proposed takeover of Championship side Charlton if they moved for the Premier League Hammers
Believed to be in talks: West Ham United chairman Bjorgolfur Gudmundsson
West Ham owner Bjorgolfur Gudmundsson is said to have rejected Zabeel’s offer, although it is believed the Icelander is still in talks with the investment group.
Football business expert Amanda Staveley is understood to be in Dubai discussing a possible deal.
Gudmundsson’s personal finances have been affected by the collapse of Landsbanki, Iceland’s second-biggest bank, and he is under pressure to cash in on his £85million investment in West Ham.