Sources: West Ham explore potential sale as Sullivan price tag revealed
West Ham have held talks with a number of potential investors over a possible sale as owner David Sullivan stands firm on his £600million valuation to be met, Football Insider understands.
American billionaire Joseph DaGrosa has been linked with taking over the London club after negotiations to buy Southampton stalled.
A West Ham source has told Football Insider that Sullivan and co-owner David Gold are open to selling the club they bought in 2010 and discussions have been held with a number of parties.
But the Hammers chiefs want £600m for the club and feel that valuation is reasonable despite a year in which finances have been badly hit by the pandemic.
West Ham shareholders are not convinced about the interest of former Bordeaux owner DaGrosa after his Kapital Football Group’s exclusive talks with Southampton expired without an agreeement.
Southampton’s majority owner Gao Jisheng was told by DaGrosa to lower his asking price, which valued the club at around £200m.
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Sullivan values West Ham at three times that amount, which he attributes to the club’s greater income, bigger fanbase, London location and potential for growth.
The club posted a £28m loss in their most recent set of financial results despite turnover increasing £15m to £191m.
But West Ham had been profitable in four of the last five years before that period.
Sullivan and Gold, who own around 86 per cent of the club between them, took over in 2010 when it was valued at £105m after selling Birmingham City.
The duo have become almost as unpopular with Irons fans as Mike Ashley has at Newcastle.
There was an increasingly toxic atmosphere at the London Stadium before the first lockdown, and many supporters are furious at what they feel are broken promises from the board.
Anger from supporters has abated on social media somewhat on the back of a season that has exceeded expectations but it is never far from the surface.