New Director Appointed

IronHerb

Director Robert Daniel Svanstrom, who represented 10% owner Straumur, has been replaced by American J Albert Smith (aka 'Tripp' Smith). This is leading to speculation that the Icelandics have sold out their stake.

Full story: - http://kumb.com/story.php?id=131682

Good news or bad?

NEoldiron

https://en.wikipedia.org/wiki/The_Blackstone_Group ;hmm

KingHammerAbroad

The Blackstone group ;hmm

Sounds like the next Jason Bourne movie to me

Adam

The FT article suggests he's bought the shares himself.

OutcastLondoner

MrsGrey

;ok

IronHerb

Although no announcement the website shows this (updated 02/10/17)

Ownership

David Sullivan 51.1%
David Gold 35.1%
WHU LLC* 10%
Other investors 3.8%

*The ultimate owner of WHU LLC is J Albert Smith.


Read more at http://www.whufc.com/club/corporate-information/ownership#z4QHi74iiE33pqbU.99

So it's almost been slipped in on the quiet. ;hmm

OutcastLondoner

My theory is that he's friends with David Cameron and wanted to by Aston Villa but forgot which team Aston Villa was that day and so bought shares in West Ham.

OldCastleSwift

billybondsbeard said:

Lots of ways to get past a sale moratorium. For instance, a convertible loan issued to the club (for player purchase, stadium conversion, training ground improvements etc, or even to repay the clubs' debts at a premium) that allows the creditor to convert the loan into equity after 24 months at a predetermined price and conversion ratio, thus making the creditor a de facto majority owner post convertion. If this were to happen, the present owners would relinquish the chair in favour of another board member (say Smith) and remain majority owners in name only. Whoever the creditor is would in fact run the show even before the actual convertion of the loan into equity.

Well, obvs...

PrestonHammer

It might be only me but something is going on. Why would Gold and Sullivan agree to the "Big Six" having a bigger share of the overseas money? Surely that is going to hit them in the pocket. ;hmm

MrsGrey

It reallocates money on a sliding scale, rather than it being split equally between all PL clubs. So while top 6 will get lots more, middle-ranking clubs will also get a bigger slice of the pie.

Which is presumably what Leicester + Everton are also in favour. They must be ambitious of filling those higher places. Betting on their own success.

(Although the proposal is dead in the water now)

Slaven_Cups_His_Beard

I read somewhere it was the big 6 plus WHU and EFC that backed the change?

imagelost

But what does it mean? To the fan !
That's ment for opening statement by herb

MrsGrey

Izzy, I read coverage on BBC, Guardian, Telegraph, and between them they named those, plus Leicester. (Can't remember which one said which.) ;ok


Edit, well according to this https://www.theguardian.com/football/2017/oct/04/premier-league-future-unclear-clubs-resolution-tv-rights there was no vote taken at the meeting. And a decision was 'adjourned' until a later date. So not dead in the water, yet.

Pearces_Left_Foot

Rumour that Gary Lewin has been told the club may be sold any day now and that it will all happen very quickly ;hmm trying to find a link at min

Yeoldhammer

Why the hell would the Head Physio be told the club would be sold any day ;lol

Moojor

Yeoldhammer said:

Why the hell would the Head Physio be told the club would be sold any day ;lol

He has been told so that he can make it look like we are not actually filming for the walking dead and we do have a fully fit team worth investing huge sums of money in to

Pearces_Left_Foot

The rumour said all the management were told including Gary Lewin not just him its most like someone taking 2+2 making 5 like below

http://www.thewesthamway.co.uk/2017/10/01/changes-afoot/

MrsGrey

bb your post earlier says it is only 2 years until the moratorium ends. (I assume you are referring to the clause that takes a % of any sale profit for the public purse...)

Any support for this statement - since everything I have read, including he link plf has just posted, says it was a 10-year thing.

Heathrowhammer - care to explain the ;lol ? ;hmm

Vorselaarhammer

If nothing else the fact that such big players are choosing to invest in us is a sign that we are an attractive option.

Generally American investment doesn't seem to lead to the sort of investment that the Oil barons do.

Lets hope they studied our history because their ROI is not going to be huge.

grey_til_I_dye

despite a clause requiring shareholders to repay a percentage to the public purse. That clause takes effect if the club is sold in a deal valuing it at £125m or more during the next 10 years.

Article states that debt can be offset before that threshold is met. Don't know if that includes shareholder debt, which is what we have now.

Suggestion is the club would be valued north of £200m.

http://www.cityam.com/246554/revealed-west-ham-owners-free-cash-olympic-stadium-deal

heathrowhammer

Accidentally pressed button.
Sorry Mrs Grey

MrsGrey

No worries ;ok

TheMadcapLaughs

Perhaps this new director is only a temp from a local agency, they may have been drafted in to continue Karens important work whilst she flits around the country following Britains finest on The Apprentice. The money may just be a deposit in case this new chap breaks anything (and I don`t mean promises and commitments, thats par for the course, I mean glasses, plates, cups etc.) and he may be entitled to a full refund when Karen returns.