Consortium ends West Ham interest

The proposed takeover of West Ham by Iranian-born businessman Kia Joorabchian has failed to materialise after disagreements over a price for the east-London club.

Media Sports Investments – the London-based consortium led by Joorabchian, a 34-year-old British passport holder – was reported to be considering a £200m (€292.2m) bid for the Barclays Premiership outfit.

It had been suggested his takeover would value West Ham at £45m (€65.7m) and he would then clear an estimated £30m (€43.8m) of debt and inject another £100m (€146.1m) into the Upton Park coffers, with a further £30m spent on ‘keeping the cash flow going’.

However, MSI today released a statement to the Stock Exchange, in which the company announced they were “no longer interested in making an offer for West Ham” because of perceived problems over agreeing a valuation for the club’s parent public limited company.

The statement read: “Media Sports Investments makes reference to its announcement on August 18 2005 of its potential interest in making an offer for West Ham United plc.

“MSI is now no longer interested in making an offer for West Ham, as they believe that they would not be able to reach a consensus on the valuation with the directors of West Ham.

“MSI continues to review other opportunities in the European football market.”

When speculation over a potential bid first surfaced in August, West Ham issued their own statement, which suggested the club did not believe they are in urgent need of investment but they were clearly willing to listen to offers.

However, now that MSI have announced their intentions not to proceed, the Hammers also consider the matter closed.

Their statement issued to the Stock Exchange this evening read: “The board of West Ham United notes the announcement made by Media Sports Investments Limited this afternoon stating that Kia Joorabchian and his consortium are no longer interested in making an offer for West Ham United.

“Accordingly, West Ham United is no longer deemed to be in an offer period for the purposes of the City Code on Takeovers and Mergers.”

On the pitch, West Ham have performed well this season following their promotion back to the Premier League after winning the play-offs.

On Sunday, Alan Pardew’s men host Manchester United looking to consolidate their place in the top 10.

“The board is delighted with the performance of the team this season,” the statement continued.

“It remains focused on ensuring that the club consolidates its position in the Premier League in the remainder of the season for the benefit of shareholders and supporters alike.”