PAI Capital up the ante on David Sullivan while preparing second approach for West Ham

Consortium PAI Capital are ramping up the pressure on West Ham co-owners David Sullivan and David Gold as they prepare a second approach for the club.

The investment firm made an informal approach for West Ham in February which was rejected out of hand by David Sullivan. The Hammers co-owner called the £400 million valuation “derisory” whilst questioning the validity of the consortium’s claim they and the funds for a deal.

Sources at West Ham insist that no formal approach has ever been made and that the club are unwilling to deal with PAI Capital, who they believe are more interested in property development than the football side of the club.

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PAI Capital managing partner, Nasib Piriyev has reiterated the consortium’s desire to continue their interest in the club.

“If Mr Sullivan does not agree to our offer price, he has the full right to do so because the shares are his private property,” he said.

However, Piriyev is applying pressure on Sullivan to consider the consortium’s offer for the benefit of the supporters and the future of the club.

“Although I do believe any owner of a Premier League club and a brand of West Ham’s calibre must also feel a duty to the community and fans – but what he cannot do is simply say that we are not serious,” Piriyev said.

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“That is false information, but we are not going to fall for this move and do not want to escalate any conflict.

“So, with all respect to Mr Sullivan, we will continue pursuing this opportunity and make our best efforts to get him to agree to our offer and sell his controlling stake of the club.”

Piriyev vehemently rebuffed Sullivan’s claims that PAI Capital have not produced proof of funds to complete a deal for West Ham.

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Asked if the consortium provided proof of funds, he said: “Of course we did. Otherwise why would the club officially provide us access to their data room for two whole months?

“Our team went through every smallest detail and analysed every aspect of the club’s operations – from top salary earners down to the smallest cost items.

“Based on this data and thorough analysis, we have developed our business plan for the club.” understands that West Ham’s stance remains unchanged in that the club is not for sale and the owners have no intention of concluding a deal with PAI Capital.

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