West Ham's owners to up stake in club
Fri 4th Mar 2011 | Clubs Ownership
West Ham United’s co-owners are reported to be planning to increase their stake in the club.
David’s Gold and Sullivan, the former Birmingham City are said to thinking of investing a further £20m to £40m in the club with the majority of the cash being used to aquire shares.
According to the Telegraph, the pair are looking to buy the remainder of Straumur’s shares, the Icelandic Bank which inherited the club after the collapse of the business empire of former owner Bjorgolfur Gudmundsson.
Earlier in the week West Ham, who had their plans to takeover the Olympic Stadium formally approved on Thursday by the government and the mayor of London, released their latest accounts showing they had taken steps to reduce the crippling debt they had.
The accounts showed a £20.6m pre-tax loss, £4.4m higher than the previous year but revealed they had cut £13m of staff costs (mostly from players), thereby reducing the club's wages-to-turnover ratio from 79% to 70%
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