Kieran Maguire discusses PAI Capital’s West Ham takeover bid
Football finance expert Kieran Maguire has been speaking on the latest edition of the Price of Football podcast about PAI Capital’s bid to take over West Ham.
The company, led by Phillip Beard, submitted a proposal to David Gold and David Sullivan with proof of funds, but that was swiftly rejected, and Sullivan followed it up with an interview in which he dismissed PAI Capital.
However, Beard has insisted that the bid from PAI Capital is real and they have big plans for the club [Henry Winter], but Maguire has concerns over the bid because West Ham don’t own their stadium.
He said: “This story broke over the past seven days; it is a company called PAI Capital.
“The company’s chief executive appears to be a guy called Phillip Beard who does have history in the world of football; he used to be the Queens Park Rangers chief executive.
“It looks as if PAI Capital have made some sort of offer of around about £400million. I don’t think it’s been a formal offer. That has been rejected out of hand.
“My concern is what exactly are you buying if you buy West Ham because they don’t own the stadium. So are you just buying the badge?”
Is Maguire right?
£400million does seem like a lot of money just to buy the Hammers and not the London Stadium as well. However, it is clear that the current board want even more than that, and this latest takeover attempt looks set to fail.
The fact that the Hammers don’t own their stadium should, in theory, reduce the amount that Sullivan and Gold can demand for West Ham, but that doesn’t seem to be the case.
A takeover right now could be exactly what the Hammers need; they have just finished in sixth place and have a Europa League campaign to compete in. If a takeover were to be accepted and approved, the Hammers could be looking at a very bright future.
However, as it stands, PAI Capital are going to have to increase their offer significantly, and Irons fans just have to hope that David Moyes is backed sufficiently by the board.
In other West Ham news, it appears as if the Hammers are set to miss out on one of their targets after he revealed his wage demands.
Be sure to follow West Ham Zone on Facebook and Twitter for 24/7 updates on the Hammers and more exclusive interviews with Frank McAvennie.