PAI Capital’s interest in taking over West Ham has effectively been ended following the rejection of a second bid for the club.
David Sullivan is understood to have rebuffed the attempt from the consortium headed up by Azerbaijani businessman Nasib Piriyev and former Queens Park Rangers chief Philip Beard.
PAI claim to have made two bids for the club over the past nine months but football.london understand that West Ham remain categorically adamant no formal offer was ever made or proof of funds given.
Following Sullivan’s stance that the club is not for sale PAI’s interest has ended but only for the time being according to a statement from the group.
“Earlier this month, PAI Capital submitted a further offer for West Ham United to the controlling shareholder, David Sullivan,” a PAI statement read. “The offer was well-received and discussed on an amicable basis under agreed confidentiality.
“Mr Sullivan has, unfortunately, declined the offer on the basis that, with the team performing so well, it is not the right time to sell. PAI Capital notes his decision and, given that it is one of timing and not price, the company is unable to take things forward at this stage. PAI Capital’s interest remains however and, should things change, will be ready and willing to proceed.”
Piriyev, PAI’s managing director, said: “I am disappointed that we cannot conclude the deal as hoped, as we have some big ideas for the club. This is something we have been working on for over nine months, with a committed team behind the bid.
“West Ham is close to my heart and I hope that our interest has been healthy for the club – I believe that all competition is good for focusing minds and improving performance.”
Communication between the two parties has not always been amicable with PAI taking to the media to attempt to force Sullivan into a sale.
Beard went public with the company’s desire to takeover the club when appearing on talkSPORT. Whilst Sullivan branded the consortium’s original offer as “derisory” and coming from “property developers” who were only interested in the Olympic Park not the football club.
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PAI’s public strategy involved gaining the support of former West Ham players Anton Ferdinand, Tony Cottee and Rio Ferdinand.
Piriyev admitted that PAI’s interest is over for now but the consortium remains keen to acquire the club in the future should Sullivan have a change of heart,
“Of course, we respect the owners’ wishes and simply put on the record that we are here if, and when, they decide the time is right for them to sell. Until then, I wish all the best to the club, and I thank the fans for their patience, understanding and support.”