West Ham United has been put up for sale, but Newcastle may not be sold. At Upton Park the financially stricken Icelandic owner of the club, Bjorgolfur Gudmundsson, is inviting offers for the Premiership club. Legally binding non-disclosure agreements have been signed with five interested investors, enabling them to look at confidential financial information about the Hammers on condition that they do not disclose it. This falls short of due diligence which gives prospective buyers full access to the club’s accounts.
West Ham United has been put up for sale, but Newcastle may not be sold. At Upton Park the financially stricken Icelandic owner of the club, Bjorgolfur Gudmundsson, is inviting offers for the Premiership club. Legally binding non-disclosure agreements have been signed with five interested investors, enabling them to look at confidential financial information about the Hammers on condition that they do not disclose it. This falls short of due diligence which gives prospective buyers full access to the club’s accounts. The club was bought for £85m two years ago, but a sale price close to £130m is being looked for. At Newcastle, entrepreneur Mike Ashley expects to maintain his ownership of the club beyond the end of the season because he cannot find a buyer willing to pay his £250m asking price. He paid £134m for the club and has spent £110m to reduce debt. He signalled that he was in no hurry to leave the club and could stay on if there was an improvement in his difficult relationship with the fans.